July 15, 2020 / 3:09 PM / a month ago

OPEC+ panel agrees on easing oil cuts, compensation plan, says OPEC+ source

DUBAI, July 15 (Reuters) - A key OPEC+ ministerial panel agreed on Wednesday on moving to the next phase of a pact on oil output cuts by easing reductions from August, an OPEC+ source said.

The panel, known as the JMMC, also agreed on a compensation schedule by some countries who have produced above their targets in May and June, which means the effective oil cuts will be deeper even after curbs are formally eased, the source said.

Reporting by Reuters OPEC team; Writing by Rania El Gamal; Editing by Edmund Blair

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