REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowLONDON/DUBAI, Aug 4 (Reuters) - An OPEC+ ministerial panel which meets on Friday is unlikely to tweak the group's current oil output policy, five OPEC+ sources told Reuters, after a Saudi decision to extend its voluntary cut into September helped oil prices rally further.
The panel, called the Joint Ministerial Monitoring Committee, can call for a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, if warranted.
Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth.
Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April.
Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.
Persons:
Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan
Organizations:
REUTERS, Kyndryl Holdings, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson
Locations:
Republic of Tatarstan, Russia, DUBAI, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers