OPEC and 10 allies, including Russia, are in the midst of a historic production cut accord aimed at helping the oil market recover from the COVID-19 pandemic. The curbs initially started at 9.7 million b/d for May-July, before tapering to 7.7 million b/d from August through the end of the year.

OPEC’s second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions,

The OPEC+ agreement, along with declines in production elsewhere, including the United States, brought global supply lower than the level of global demand for the first time since mid-2019.

The Committee reviewed the crude oil production data for August 2020 and welcomed the positive performance in overall conformity for participating OPEC and non-OPEC countries of the DoC, which was recorded at 102% in August 2020, including Mexico as per the secondary sources.

Energy minister Alexander Novak said Russia "greatly values cooperation with OPEC," and that while overall compliance with the cuts is high, "I would like to urge everyone to view this very seriously and stick to the high level of conformity we were able to achieve."

The OPEC+ agreement called for a decrease in crude oil output by a combined 9.7 million b/d in May and June, a combined decrease of 9.6 million b/d in July 2020, and a combined decrease of 7.7 million b/d in August

Saudi Arabia and Russia agreed to further closely coordinate their work on production cuts, trade and investments.

Iraq will continue to trim its output in October through December as per the OPEC+ agreement,

That is 103,000 b/d above UAE quota of 2.590 million b/d, under the OPEC+ supply accord

OPEC+ underscored the fragility of the market and significant uncertainties, particularly associated with oil demand, and called for vigilance by all participating countries.