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OPEC governor: Commitment to the agreement to reduce oil production reached 109%
The Governor of Kuwait in the Organization of Petroleum producing countries OPEC said that the percentage of commitment to countries from within and outside the OPEC agreement to reduce production amounted to 109% in July, compared to 121% during the previous month.
"The oil market is moving in the right direction towards the goal of rebalancing and achieving commitment levels to 100% to meet the needs of the market," Haitham Al-Ghais told Kuwait's Al-Nahar newspaper.
Al-Ghais pointed out that "the ministerial monitoring committee will meet on September 23," stressing that "the stability of oil markets to the interests of producers, consumers, investors and the global economy is interesting."
World oil prices have been volatile as they have come under pressure from renewed fears that a global trade war could undermine energy demand, despite US sanctions on Iran and a drop in Venezuela's crude production curbing the market's decline. Finished
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