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. 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. …read more
Source:: Yahoo Finance
