The committee overseeing the OPEC/non-OPEC supply agreement will assess how the coalition complies with its aim of bringing "overall conformity levels" down to 100%, UAE energy minister Suhail al-Mazrouei said in a letter to Iranian counterpart Bijan Zanganeh.
"I can provide firm reassurance that the [monitoring committee] will closely monitor the situation with a goal of assuring 100% compliance from OPEC members to the agreed 1.2 million b/d voluntary reduction in oil production," Mazrouei wrote in the letter, seen by S&P Global Platts.
Mazrouei did not address individual allocations in his letter but said the OPEC secretariat would also "closely monitor oil market developments."
"Our shared and continued goal remains a commitment to delivering a stable and balanced oil market that serves the long term interests of producers, consumers and the global economy," Mazrouei wrote.
Zanganeh had sent a letter June 30 to Mazrouei, who currently holds the rotating OPEC presidency, to warn that members who produce in excess of their individual quotas were threatening the unity of the organization.