4/27, 6:42 PM (Source: TeleTrader)
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OPEC confirms 3-month deal remains intact

Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) confirmed on Tuesday that they intend to proceed with the implementation of the agreement to gradually increase oil production over the next three months.

The OPEC+ will convene again on June 1 at the next Joint Ministerial Monitoring Committee (JMMC) meeting and the OPEC and non-OPEC Ministerial Meeting.

It was revealed during today's summit that the "overall conformity to the production adjustments was 115% in March 2021," but that "some Participating Countries have yet to achieve the minimum expectation of 100% conformity and to compensate for overproduced volumes."

Breaking the News / MS