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OPEC expects full compliance of the oil pact with lagging countries



The OPEC Oil Export Cartel expects that participants in the global oil pact entering the club and beyond it will more strictly observe the terms of the deal.



09.Aug.17 1:54 PM
By Daria Zaytseva
Photo Toinnov.com

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OPEC expects full compliance of the oil pact with lagging countries

This statement was made after an extraordinary meeting of the Joint Technical Committee, which was held on August 7-8 in Abu Dhabi.

OPEC and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million barrels per day until March 2018 to restore the equilibrium of global supply and demand.

Compliance with the global pact included in the oil cartel by Iraq and the UAE was relatively weak, judging from data from external sources, to which OPEC relies to monitor its own production. Kazakhstan and Malaysia, which are not members of the organization, are also among the laggards: in recent months, the country has increased the production of raw materials, according to the International Energy Agency (IEA).

Members of the Technical Committee held individual meetings with representatives of Iraq, the UAE, Kazakhstan and Malaysia.

According to a source in OPEC, the meeting participants also discussed the export of oil and the disagreement of individual countries with an estimate of the level of their extraction by external sources.

For example, Iraq and theUAE consider their figures to be too low, and, as they say, they have to shoulder the burden of a larger reduction in production for the sake of full compliance with the pact.

The next meeting of the OPEC + monitoring committee is scheduled for August 21.




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