In 2021, oil demand is forecast to partially recover from the current year to show historic high growth of 7.0 mb/d.

OPEC+ sources have said no recommendations have been made to prolong record cuts into August

The key Joint Ministerial Monitoring Committee, co-chaired by Saudi Arabia and Russia, the two largest members of the coalition, will convene online July 15 and make a final recommendation.

Iraq affirmed its commitment to the OPEC+ cuts in a call with Saudi energy minister Prince Abdulaziz bin Salman, the two ministers said in a joint statement.

The intervention of the United States, the G-20 and other leading producing countries was vital in securing April’s historic production deal to rebalance and stabilize oil markets reeling from the pandemic.

OPEC's 13 members pumped 22.31 million b/d, the organization's lowest collective output since September 1990,

Iraq oil exports fell to an average of 2.816 million b/d, in line with projections made in June by Oil Minister Ihsan Ismaael

Sentyurin met with his OPEC counterpart Mohammed Barkindo by teleconference June 22 for the inaugural technical meeting of the OPEC-GECF Energy Dialogue.

World oil demand is projected to decrease by 9.1 mb/d in 2020, unchanged from the previous month’s assessment. The COVID-19 pandemic has negatively affected global economic activities, eliminating global oil demand growth potential and leading to a y-o-y decline of 6.4 mb/d in 1Q20 and by 17.3 mb/d y-o-y in 2Q20.

"Our oversupply was a little less than 100,000 b/d against the agreed numbers, and so that is not really that significant," Kyari said.