The two leaders “stressed the importance of compliance, by all participants, to the OPEC+ agreement and the agreed upon compensation mechanism,” SPA reported.

A ministerial panel of key OPEC+ oil producers, headed by Saudi Arabia, is holding a virtual meeting later on Wednesday to review the oil market and the group’s compliance with the current oil supply cut pact.

OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic.

OPEC+ is unlikely to change its output policy, which currently calls for reducing output by 7.7 million barrels per day (bpd) versus a record high 9.7 million bpd up until this month, according to OPEC+ sources.

“The meeting will be mostly a focus on conformity and compensation,” said an OPEC source, rather than any major tweaks to the OPEC+ supply cut deal.

Other sources said the virtual meeting, scheduled to start at 1400 GMT, would look in particular at compliance by countries such as Iraq, Nigeria and Kazakhstan. They have made a smaller share of their reduction than members such as Saudi Arabia.

Overall compliance with the cuts was seen at 95% to 97% in July, according to OPEC+ sources and a draft report seen by Reuters on Monday.

That is high by OPEC standards. In July, top exporter Saudi Arabia was still pumping below its target and Iraq and Nigeria, while lagging the Gulf OPEC members on compliance, were pumping less than in previous months, according to a Reuters survey and other assessments.

Brent crude LCOc1 has been trading near a 5-month high above $45 a barrel and has more than doubled since hitting a 21-year low below $16 in April, helped in part by the OPEC+ deal.

REUTERS