OPEC and its allies pressed oil nations pumping above output targets to cut more in August-September amid fears oil demand recovery was slow while saying it could reach pre-pandemic levels by the year-end

OPEC has managed to raise crude prices and stabilise the oil market, Iran’s oil minister said. “OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized”

Russian Energy Minister Alexander Novak does not expect any hasty decisions on output cuts when an OPEC+ group monitoring committee meets next week as the oil market has been stable

OPEC oil output has risen by over 1 million barrels per day in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance

Brent crude futures fell 15 cents to $43.22 a barrel. US West Texas Intermediate (WTI) crude dropped 5 cents to $40.70. Both contracts were on track to remain broadly flat over the week

Saudi Arabia’s energy minister said that OPEC+ was moving to the next phase of its oil cut pact when the group is expected to ease their reductions as oil demand recovers

Saudi Arabia has been heading efforts to press laggards such as Iraq, Kazakhstan, Nigeria and Angola to improve compliance with the reductions and compensate for May overproduction in July-September

OPEC cut oil exports in June by 1.84 million barrels per day from May levels as it works to implement an output reduction agreement with Russia and other allies

Russian Energy Minister Alexander Novak said the global oil market might achieve a balance between supply and demand in July and could even face a shortage of crude

OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies