OPEC adheres to 115% of oil cuts agreed in May

Informed sources said that the Organization of Petroleum Exporting Countries (OPEC) and its allies complied with 115% of production curbs agreed in May, and OPEC said this week that OPEC complied with 114% of production cuts in April. OPEC added 2.1 million barrels per day to the market from May to July as part of a plan to gradually ease record oil production curbs last year.

OPEC and its allies maintained a strong commitment to the oil production targets agreed upon in May, with the beginning of entering the first phase of a gradual increase in oil production, amid the recovery of global oil demand, with the easing of measures to close the economy due to the outbreak of the coronavirus epidemic.