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OPEC And Its Partners Promise To Cut Oil By 109% In July
Sep 03, 2018

In a statement on Thursday, OPEC said that OPEC and its partners reached a 109% production reduction agreement in July, confirming the data released by Reuters on Monday.

The statement said that, in view of seasonal factors, members of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non-OPEC expressed satisfaction with the recent balance of supply and demand in the oil market.

The Joint Ministerial Monitoring Committee will hold its next meeting in Algeria on September 23, when it will review the monitoring plan for market fundamentals and consistency for the remainder of 2018, as well as the framework for cooperation to be established in 2019 and beyond.

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