• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 7 hours Coal Boom in Asia is Real and a Long Trend
  • 5 hours China's President Xi To Visit North Korea This Week
  • 7 mins The Plastics Problem
  • 5 hours Hydrogen FTW... Some Day
  • 9 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 11 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 7 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 1 hour The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 19 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 14 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 9 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 5 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Alt Text

Middle East Torpedo Attacks Send Oil Prices Soaring

Oil prices jumped on Thursday…

Alt Text

Smart Money Turns Increasingly Bearish On Oil

Over the past month, hedge…

Alt Text

Oil Just Had Its Worst Run Since 2008

Oil prices have entered bear…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Trending Discussions

Can OPEC Boost Compliance Back To 100%?

A joint OPEC/non-OPEC technical committee will be meeting in Abu Dhabi on next week to discuss ways to improve compliance by members that have not been sticking 100 percent to their output quotas so far.

The calling of the meeting, to be held on August 7 and 8, follows the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) session in Russia on July 24, which “noted that despite the high level of conformity at the aggregate level, there is still room for improvement by some participating producing countries, and demanded that all participating producing countries must promptly reach full conformity.”  

The monitoring committee has estimated total OPEC/non-OPEC compliance was 98 percent in June, but OPEC-only compliance, according to the IEA, plunged to 78 percent last month from 95 percent in May. Non-OPEC compliance in June was 82 percent, according to the IEA.

The new meeting comes as Saudi Arabia scolded last week non-compliant producers, urging them to fall in line. After the meeting in St. Petersburg, Saudi energy minister Khalid al-Falih said, “We are going to forcefully demand participation of all,” as quoted by FT.   

Saudi Arabia and Russia would escalate non-compliance to “leadership beyond oil ministers if we do not see a response”, al-Falih said, adding that the Saudis were no longer willing to let some producers have a “free ride” while others cut as pledged.

Iraq is the worst compliant producer so far, with output averaging 69,000 bpd over its quota between January and June, according to S&P Global Platts OPEC survey—which is one of OPEC’s secondary sources. Related: U.S. Shale Is Determined Not To Kill This Rally

Iraq had disputed secondary sources estimates before signing up to the deal.

At the meeting in Abu Dhabi, the UAE, some producers will argue that secondary sources are overestimating their output, Bloomberg reports, quoting two people familiar with the matter.

The meeting in Abu Dhabi will be co-chaired by Kuwait and Russia. Saudi Arabia, which is serving as president of OPEC this year, will also attend, OPEC said.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News