Oil prices slip ahead of OPEC+ meeting

18/08/2020 Argaam

 

Oil prices fell on Tuesday ahead of the Joint Ministerial Monitoring Committee (JMCC) meeting of the OPEC and allies tomorrow, and amid expectation of no additional production cuts.

 

This month OPEC and allies reduced their agreed cuts to 7.7 million barrels per day (bpd) from 9.7 million bpd previously.

 

Compliance with OPEC+ oil output cuts was seen at around 97% in July, according to a Reuters report.

 

Brent crude was down or 0.4%, at $45.18 a barrel, while U.S. crude was down 0.6%, at $42.65 a barrel.

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