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

The logo of the Organisation of the Petroleum Exporting Countries (Opec) at its headquarters in Vienna, Austria March 21, 2016. — Reuters pic
The logo of the Organisation of the Petroleum Exporting Countries (Opec) at its headquarters in Vienna, Austria March 21, 2016. — Reuters pic

DUBAI, July 15 — A key Opec+ ministerial panel agreed today 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. — Reuters

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