Oil slips as traders expect Opec+ to ease supply cuts

City A.M. | Jul 13, 2020 at 8:20 AM
  • Oil slipped nearly one per cent this morning as traders eyed an Opec technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.
  • Oil prices have recovered sharply from multi-decade lows in April as the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as Opec+, cut output by a record 9.7m barrels per day (bpd) over May to July.
  • Opec’s Joint Ministerial Monitoring Committee (JMMC) will meet tomorrow and Wednesday to recommend the next level of cuts after compliance in the group hit 107 per cent in June, up from 77 per cent in May.