OPEC was able to reach overall conformity of 87% to its production cuts in May 2020, the Joint Ministerial Monitorial Committee revealed following a video conference meeting.
It stressed the importance of “adhering to full conformity, and compensating the overproduced volumes in the months of May and June, during the months of July, August and September 2020.” Iraq and Kazakhstan already submitted compensation schedules.
Saudi Arabia, the UAE, Kuwait, and Oman made additional cuts totalling 1.2 million barrels per day in June 2020, helping the group as a whole reach higher compliance.
The production cuts have been repeatedly extended in response to the coronavirus pandemic, which has slashed demand for crude.
