On Thursday, Saudi Arabia and Russia called on OPEC members and their allies to better comply with the reduction in oil production, indicating that they want over productive countries like Nigeria and Iraq.
On Wednesday Iraqi oil minister Thamer Ghadhban said OPEC and its allies could discuss deeper cuts amid slowing economic growth due to a U.S.-China trade dispute.
Two OPEC delegates said deeper cuts could indeed be discussed on Thursday when some OPEC+ ministers meet for a market monitoring committee in Abu Dhabi ahead of the formal OPEC+ meeting in December.
New Saudi Energy Minister Prince Abdulaziz bin Salman on Sunday said, “Every country counts regardless of its size … Every country should live up to its commitment.”
Prince told the Joint Ministerial Monitoring Committee (JMMC) meeting that it was imperative to restore stability in the oil market, where prices have slumped to below $60 a barrel.
Russian energy minister Alexander Novak said on Thursday “the key goal” of the current deal was “to maintain full conformity with the agreement”.
“September export levels will be significantly lower than August and there will be deeper cuts in October.” Saudi Arabia, which has been shouldering the burden of existing production cuts, will continue to reduce its oil production “at a rate exceeding the quota agreed through Opec+”, Prince Abdulaziz said.
On Wednesday after a report that U.S. President Donald Trump was considering easing sanctions on Iran, Oil prices tumbled more than 2%.
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