No OPEC+ proposal so far to extend record cuts of 9.7 million bpd – Reuters

OPEC and its allies’ (OPEC+) will focus on easing output cuts to 7.7 million barrels per day (bpd) at Wednesday's Joint Ministerial Monitoring Committee (JMMC) meeting, Reuters reported, citing OPEC+ sources.

Sources further told Reuters that there are no proposals so far to extend record cuts of 9.7 million bpd. "OPEC+ oil cuts in August-September is expected to 7.7 million bpd plus 0.842 million bpd of compensations by Iraq and others."

Market reaction

Crude oil prices largely ignored this headline. As of writing, the barrel of West Texas Intermediate was up 1.25% on the day at $40.90.