mo4ch:>OPEC+ boasts 159% compliance with oil production cuts | Mo4ch News

The OPEC+ coalition of producers achieved in July a compliance rate of 159 percent with the oil production cuts which the partners extended last month into March 2020 in their efforts to erase the glut and prop up oil prices.The Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC countries that are part of the deal said on Tuesday that the July 2019 overall conformity level of 159 percent was 22 percentage points higher than in June. The partners have achieved an average compliance level of 134 percent since the beginning of this year, and this is the highest to date in 2019, the JMMC said in a statement after reviewing the monthly report drafted by its Joint Technical Committee (JTC), as well as recent developments in the oil market, and the near-term prospects for this year and next.  “This high level of overall conformity has offset uncertainty in the market due to ongoing economic growth worries,” OPEC and the JMMC say, noting the importance of the production cu…