Oil prices dip ahead of OPEC + meeting

World oil prices are going down on August 7 ahead of the OPEC and non-OPEC meeting to be held Aug.7-8 in Abdu-Dhabi.

The price for October futures of Brent oil has decreased by 1.09 percent to $51.85 per barrel as of 11:14 (UTC + 4).

The price for September futures of West Texas Intermediate (WTI) dropped by 1.07 percent and stood at $49.05 per barrel.

Following the 4th meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) in St. Petersburg, Russia, on 24 July 2017, the Joint OPEC-Non-OPEC Technical Committee (JTC) has been instructed to convene with some OPEC member countries as well as some non-OPEC participating countries to identify ways and means of raising levels of conformity.

This is a technical meeting being held to better understand the difficulties and obstacles faced by some OPEC and non-OPEC participating countries and to assess how conformity levels can be improved with the goal of achieving a faster rebalanced global oil market, for the benefit of producers and consumers alike.

The participating OPEC and non-OPEC producing countries achieved a conformity level of 98 percent in June 2017.