July 18, 2018 / 4:27 PM / a month ago

OPEC, non-OPEC compliance with oil cuts fall to around 120 pct in June - sources

LONDON (Reuters) - OPEC and non-OPEC’s compliance with oil output curbs has declined to around 120 percent in June from 147 percent in May, two sources familiar with the matter told Reuters on Wednesday.

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger/File Photo

OPEC and non-OPEC countries agreed to gradually bring compliance back to 100 percent at a meeting at the end of June.

The move is designed to add more barrels to the market and reduce upward pressure on oil prices after unexpected outages in Venezuela and Libya pushed compliance to record high levels.

OPEC’s leader Saudi Arabia has said it began preparing for an output boost even before the June meeting and Russian data also suggested a production rise in June. [O/RUS1]

Reporting by OPEC newsroom; Editing by Elaine Hardcastle

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