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OPEC+ works on modest easing of oil cuts - source

Credit: REUTERS/Dado Ruvic

A key ministerial panel of OPEC and its allies, including Russia will discuss easing oil cuts on Wednesday but the relaxation will be smaller than expected thanks to compensation by countries which overproduced in previous months.

LONDON, July 15 (Reuters) - A key ministerial panel of OPEC and its allies, including Russia will discuss easing oil cuts on Wednesday but the relaxation will be smaller than expected thanks to compensation by countries which overproduced in previous months.

An OPEC+ source familiar with the discussion said and OPEC+ materials seen by Reuters showed the cuts will ease from the current 9.7 million barrels per day to around 8.54 million bpd in August and September.

(Reporting by OPEC Newsroom, writing by Dmitry Zhdannikov, editing by Louise Heavens)

((Dmitri.Zhdannikov@thomsonreuters.com;))

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