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OPEC + Committee has not decided on any recommendations for further extension of oil production cuts

OPEC + sources said that the group’s technical experts had not decided on any recommendations for a further extension of a record cut in oil supplies during talks on Wednesday.

The sources added, according to Reuters, that the experts decided to focus on compliance by members who did not fully adhere to the quotas allocated to them, according to the agreement, prior to ministerial talks, tomorrow, Thursday.

The Organization of the Petroleum Exporting Countries and its allies, in what is known as the OPEC + group, agreed to a record supply cut, which began in early May to support prices and demand that were severely affected by the Corona virus crisis.

The talks this week are part of an effort by OPEC + to review the impact of the cut, and to listen to countries that have not yet implemented their quotas in full, such as Iraq, about their compliance plans.

“It is going well,” a source said of today’s meeting, which is being held via closed-circuit television.

The supply agreement stipulates that OPEC + cut production by 9.7 million barrels per day in May and June. On June 6, the group agreed to extend the cut for another month, a decision that OPEC said earlier in the day that it had won approval in the market.