1. OPEC secures output compliance pledges from 4 producers

OPEC secures output compliance pledges from 4 producers

OPEC says a technical committee secured commitments from four oil producing countries to work to bring their production in line with previously agreed output targets.

By: | Dubai | Published: August 9, 2017 2:52 PM
OPEC, United Arab Emirates, Iraq, Kazakhstan, Malaysia, Abu Dhabi The statement followed closed door talks with the countries and the technical committee that’s ended yesterday in the Emirati capital of Abu Dhabi. (Reuters)

OPEC says a technical committee secured commitments from four oil producing countries to work to bring their production in line with previously agreed output targets. The organisation said in a statement late yesterday that the United Arab Emirates, Iraq, Kazakhstan and Malaysia agreed to fully cooperate with committees charged with monitoring adherence to production targets with the aim of reaching “full conformity.”

The statement followed closed door talks with the countries and the technical committee that’s ended yesterday in the Emirati capital of Abu Dhabi. It did not specify how or when the countries might be required to adhere to targets agreed to by OPEC and other major producers outside the bloc.

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