OPEC Compliance to Output Cuts Rise to 96% in August

OPEC compliance to agreed production cuts rose to 96% in August compared to 92% the previous month thanks to output reduction from Iraq and Saudi Arabia, says Vienna-based JBC Consultancy. Iraq, which has struggled to cut as much as promised, reduced its output by 50,000 barrels a day. While production from Saudi Arabia, which has been slashed by 124% of the level it committed, and the United Arab Emirates each decreased by 30,000 barrels a day last month.

--News from www.sinopecnews.com.cn