OPEC+ agreement: Very satisfactory compliance

APS - 16 July 2020

ALGIERS- The overall compliance with the agreement on output cut, concluded between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, has reached a very satisfactory level in June, Minister of Energy Abdelmadjid Attar said Wednesday in Algiers.

"The compliance rate is very satisfactory with nearly 112% for OPEC countries and around 100% for non-OPEC countries," Attar told reporters at the opening ceremony of Sonelgaz Group Ethics Committee.

The commitment of OPEC+ countries has helped to raise the price per barrel, which is currently between 42 and 43 dollars for the Brent (compared to 25 dollars at the end of April), the minister said.

The average price per barrel for 2020 is expected to exceed 40 dollars, Attar said, referring to the latest studies and analyses of the oil market.
The OPEC and non-OPEC Joint Ministerial Monitoring Committee (JMMC) will hold its 20th meeting this afternoon by videoconference, with the participation of Attar.