6/24, 12:58 PM (Source: TeleTrader)
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Non-complying OPEC+ countries to compensate - Novak

Russia's Energy Minister Alexander Novak (pictured) said on Wednesday that all members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) that have failed to meet the oil reduction requirements in May, set out their plans to compensate for it in the coming months.

The non-complying countries have presented their plans at the Joint Ministerial Monitoring Committee (JMMC) last week, Novak revealed. Since the OPEC+ deal is voluntary, the output reduction schedules will not go through a formal approval procedure, he clarified.

It has been previously reported that Iraq and Gabon had failed to hit the quotas by a significant margin, while Kazakhstan, Angola and Nigeria had managed to do better than the former two countries, but still had not met the agreement's requirements.

Breaking the News / MS