OPEC+ meeting is in doubt now over disputes on oil-quota cheating – Bloomberg

The OPEC+ meeting is in doubt now over disputes on oil-quota cheating, Bloomberg reported on Wednesday, citing sources familiar with the matter. 

Meanwhile, according to industry sources quoted by Reuters, Kazakhstan, which agreed to cut its oil output by 22% from the first-quarter average, reduced its daily oil and gas condensate output by only 10% in May.

Market reaction

With the initial reaction to these headlines, crude oil prices came under pressure. As of writing, the barrel of west texas intermediate (WTI) was trading flat on the day at $36.80.