OPEC+ JMMC notes that July compliance with cuts was 159%, WTI regains $ 54

Dhwani Mehta FXStreet

The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and non-cartel oil producers (OPEC+) said in a press release on Tuesday, the OPEC+ compliance to the oil output cut deal stood at 159% in July, compared to 137 percent in June

The statement read: "The JMMC noted the overall conformity of 159% in July 2019 was 22 pp higher than in June 2019, and the average conformity of 134% since January 2019 was the highest to date in 2019."

The Committee also said that it sees ‘significant’ oil stock draws in 2H19.

Oil prices seem to have caught a fresh bid on the OPEC+ statement, with WTI extending the upside above the 54 handle while Brent edges closer to $ 59 mark. Both crude benchmarks are gaining over 1%.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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