Oil pact monitors won't discuss further cuts at July meeting: report

A ministerial committee monitoring the OPEC-led pact on cutting oil production will not discuss further cuts at its regular meeting on July 24, Reuters has reported, citing statements of Mohammad Barkindo, OPEC's secretary-general , published by Russia's Interfax news agency.

“Such discussions would be premature”, Barkindo said while speaking to journalists in Istanbul before the World Petroleum Congress.

The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to cut output by about 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018 to help prop up prices.

Energy ministers from Saudi Arabia, Russia and several other key producers have previously said there was no need for immediate extra measures to support oil prices.

Oil prices have fallen since May, as production from the United States and other producers not bound by the pact has risen.