OPEC+ report
The OPEC+ monitoring committee is unlikely to recommend changing the current output regime despite the latest price drop, according to 5 sources cited by Reuters.
The committee will allow Iraq and the others who have over-produced a longer time timeline to make up for it. They will extend the compensation period to November.
They also note that Saudi Arabia is not seeking to lift prices via voluntary cuts.
In short, the oil market is on its own.
WTI is last down 28-cents to $37.07.
