OPEC+ output-cut compliance at 121% in June

OPEC and non-OPEC countries, which have participated in voluntary production cuts since late 2016, achieved a conformity level of 121 percent in June, the Joint Ministerial Monitoring Committee (JMMC) said in a statement on Wednesday.

The committee said the conformity level for July will "not deviate from the 100 percent" and meet the target set in the June 23 meeting.

The conformity level hit a record high of 152 percent in April.

The JMMC will continue to “closely monitor the oil market and developments to improve market stability for the benefit of producers, consumers and the global economy at large,” the statement added.

The next meeting of the JMMC will be on Aug.20  at the OPEC headquarters in Vienna, Austria.

In June, OPEC said that the world oil demand is expected to decline next year, as growth in consumption rate slows and as rivals pump more crude.

In the same month, however, OPEC+ agreed on a combined increase in crude oil output of 1 million bpd from July following calls from major consumers to help reduce prices and avoid a supply shortage.