OPEC+ compliance in August seen at 101% – Reuters

The OPEC and its allies (OPEC+) saw its compliance with oil output cuts policy reach 101% last month, Reuters reports, citing two sources with knowledge of the matter.

The sources said that the compliance figure may be adjusted at the meeting of the committee.

The OPEC+ is scheduled to hold meetings later on Wednesday and Thursday to discuss the oil market fundamentals.

Market reaction

The upbeat headline has little to no impact on oil, as WTI holds the upside above $39. The US oil is up 2.20% on a daily basis.

• WTI Price Analysis: Eyes $40 mark amid bullish crossover, ahead of EIA