Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
PARIS (AP) — The International Energy Agency says the rate of compliance by OPEC countries to their agreed production cuts fell sharply in June, one reason why oil prices dropped to 2017 lows in recent weeks.
In a monthly update, the Paris-based agency said Thursday it estimates compliance fell to 78 percent in June from 95 percent the previous month.
However, it noted that compliance should be judged over the whole period of the production cut to March 2018, rather than just one month.
One positive for oil prices could be a rebound in global demand growth, which the IEA estimated at 1.5 million barrels per day in the second quarter of 2017 from 1 million in the first.
Brent crude, the international standard, was down 21 cents at $47.53 a barrel.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.