Nigeria, Iraq pledge to meet OPEC+ oil cut target, Saudi Arabia over complies
Saudi Arabia’s new energy minister, Prince Abdulaziz bin Salman, said on Thursday that the Kingdom would continue to voluntarily over comply with the oil output cuts agreed by the OPEC+ group.
He made these comments at the 16th OPEC Joint Ministerial Monitoring Committee in Abu Dhabi on Thursday. The producers are discussing whether there is a need to deepen OPEC's current policy of cutting output to support the oil market. OPEC and non-members had agreed in 2017 to begin reducing their output.
In December members and non-members announced a supply reduction of 1.2 million barrels per day from January 1 this year, although the level of compliance has varied from country to country. Saudi Arabia has notably been significantly over complying with its oil cuts.
Iraq and Nigeria’s oil ministers also pledged to reduce their country’s respective oil output to comply with OPEC output targets.
“Additional volumes will be removed as a result of full conformity,” UAE Minister of Energy and Industry Suhail al-Mazrouei told reporters.