Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa al-Kadhimi discussed efforts taken to stabilize and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported late on Wednesday.
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 on Wednesday to review the oil market and the group’s compliance with the current oil supply cut pact.
Global oil demand should recover to pre-pandemic levels as soon as the fourth quarter of 2020, the Saudi Energy Minister said on Wednesday while urging OPEC members and allies to boost compliance with oil output cuts aimed at supporting prices.
A draft OPEC+ statement, seen by Reuters, said a second prolonged wave of the pandemic was a major risk for the oil market recovery.