OPEC and its Russia-led non-OPEC partners in the production cut deal reduced their total oil production in July by 9 percent more than what they had agreed upon, Reuters reported on Monday, citing two sources familiar with the findings of an OPEC/non-OPEC monitoring committee on compliance. The committee—consisting of representatives from the two leaders of the OPEC and non-OPEC groups, Saudi Arabia and Russia, respectively, as well as from Kuwait, the UAE, Algeria, Venezuela, and Oman—found on Monday that total production was just 9 percent above the agreed upon compliance of 100 percent, and compares with a compliance rate of 120 percent in June and an overzealous 147 percent in May, so the parties to the pact have been raising production, according to Reuters. In June, OPEC and its non-OPEC partners agreed to work toward an overall conformity level of 100 percent as of July 1, 2018, compared to […]