OPEC, Non-OPEC Nations to Meet on Compliance With Oil Targets
- Kuwait, Russia to chair meeting in Abu Dhabi Aug. 7-8
- Some producers criticize estimates used to assess compliance
OPEC's Barkindo Says Monitoring Framework Is Working
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Representatives of some OPEC and non-OPEC nations will meet in Abu Dhabi on Aug. 7-8 to discuss why some of them are falling behind in their pledges to cut production, according to an OPEC statement.
The meeting, co-chaired by Kuwait and Russia, will examine reasons why some countries aren’t fully implementing their cuts, it said. Some nations will argue that the independent sources used by OPEC to assess compliance overestimate their production, according to two people familiar with the matter, who asked not to be identified because the discussions aren’t public.