OPEC+ Members Achieve High Conformity with Oil Production Cuts

OPEC members achieved "high overall conformity" to production quotas in May and June, OPEC's Joint Ministerial Monitoring Committee (JMMC) said in a press release following Thursday's uneventful meeting. On August 1, 2024, OPEC's JMMC reviewed crude oil production data from its members for May and June 2024, noting high overall conformity among OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC). The committee highlighted the commitment of Iraq, Kazakhstan, and Russia—chronic laggards in the agreement to cut…