OPEC and non-OPEC allies urge 'full conformity' with production cuts as oil prices falter [CNBC]
BP p.l.c. (BP)
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Source: CNBC
LONDON — A group of some of the world's most powerful oil-producing nations on Thursday met to review production policy, amid a faltering recovery from the pandemic-driven rout and a bleak outlook for energy demand. During the meeting between OPEC and non-OPEC allies, sometimes referred to as OPEC+, ongoing flexibility was emphasized as oil prices continue to trade at depressed levels. "The JMMC [Joint Ministerial Monitoring Committee] observed that the recovery has not been even across the world and an increase in COVID-19 cases has appeared in some countries," a statement from OPEC read. "In the current environment, the JMMC emphasised the importance of being pro-active and pre-emptive and recommended that participating countries should be willing to take further necessary measures when needed." OPEC+ did not announce additional output cuts at Thursday's meeting, which was in-line with analyst expectations. The energy alliance agreed in July to cut output by 7.7 million barrels per
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