OPEC convened a workshop today to address oil overproduction issues and devise comprehensive compensation plans to make up for previous overages, according to an official OPEC press release. The push for production cut compliance comes as the price of Brent crude is trading down roughly $6 per barrel over the last 30 days.
The workshop brought together technical experts from Iraq and Kazakhstan, along with industry professionals from secondary sources, and was prompted by the recent mandates outlined in the 35th OPEC and non-OPEC Ministerial Meeting…OPEC Resolves Compensation Plans for Overproducing Members
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