3/31, 8:25 PM (Source: TeleTrader)
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OPEC meeting ends with no recommendation for cuts - report

Organization of the Petroleum Exporting Countries (OPEC) meeting ended on Wednesday without an official recommendation for the level of oil production cuts, Energy Intelligence's Amena Bakr reported.

The main concerns at the 28th Meeting of the Joint Ministerial Monitoring Committee (JMMC) were related to the degree of compliance with the alliance's oil output reduction agreement, as well as the future plans for compensation for overproduction, according to the report.

The total overproduction for the period from May 2020 to February 2021 reportedly stood at slightly over 3 million barrels per day (bpd).

Breaking the News / MS