OPEC+ countries fulfill output commitments 94% in July

Baku. 22 August. REPORT.AZ/ The Technical Committee of the organization monitoring the compliance of the OPEC+ countries with agreement to cut oil production concluded that in July, 94% of commitments were met.

Report informs citing the Bloomberg, the committee said at a meeting in Vienna yesterday.

Notably, In June, the same figure was 98%. Decrease infulfillment of production commitments negatively affected the oil market and the prices dropped by nearly 2%.Thus, Brent crude oil at the price of US $ 52.8 per barrel was $ 51.80 per barrel at the moment.

Notably, the monitoring group of ministers for control of the agreement assembles every two months. This group includes representatives from Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.The agreement is also monitored by the Technical Committee, which includes experts from the Committee of Ministers and this group meets once a month.OPEC Secretary-General Mohammad Barkindo also attends these meetings.