OPEC+ deal performed 121% in June

Beijing. Jul 19. Silkroadnews - In June the oil output cut deal between OPEC and non-OPEC states performed 121%, the Kazakh Telegraph Agency (KazTAG) reports with reference to TASS.
“The JMMC reported that participating countries in the Declaration of Cooperation have achieved a conformity level of 121% in June 2018,” OPEC said in a statement on Thursday.
To remind, the OPEC+ agreement on oil production cut totaling 1.8 million barrels per day from the level of October 2016 was signed by 24 countries at the end of 2016. Recently, the ministers of the deal member-states have started talking about the need to soften quotas and gradually restore the production volume starting from the second half of 2018. The issue was discussed at the Vienna meeting on 22-23 June.
OPEC states have agreed to increase oil production within the OPEC+ deal by 1 million barrels per day starting from July, while the actual growth in production will be 700 thousand barrels per day.