Russia along with another OPEC+ member and allies will discuss countries that lagged in reducing output under their global oil cut agreement quota, Alexander Novak, Russian Energy Minister said. Saudi Arabia, the country member chairs in ministerial panel monitoring adherence with oil cuts, has given pressure to members lagging in their cut quota such as Angola, Kazakhstan, Iraq and Nigeria to improve the compliance of the reductions and the added compensation in consequence of their overproduction around the month of July to September.
When asked if the lesser compliance members have requested to extend the period of improving compliance level, Novak answered as he has no information regarding the matter. He added that the group has scheduled the meeting of the JMMC on September 17 to discuss those issues. Iran also have been sending contradictory statements about the positions on the oil cuts deal, saying the country remains fully committed to the OPEC+ supply cut, denying an earlier media report that the country is seeking reduction exemption from the pact during the Q1 2021. OPEC+ are currently deals in cutting 7.7 million bpd output until December to support the oil price as the global pandemic sinking demands.
Vladimir Putin, the president of Russia, said King Salman of Saudi spoke on Monday, September 7, saying the satisfaction in the deal between OPEC and non-OPEC oil producers in limiting and implementing output cuts.
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Published on September 10, 2020 5:42 AM (GMT+8)Last Updated on September 10, 2020 3:05 PM (GMT+8)
