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Saudi Arabia says it will keep overcomplying with OPEC+ oil cuts

Reuters | Riyadh | Updated: 12-09-2019 15:47 IST | Created: 12-09-2019 15:40 IST
Saudi Arabia says it will keep overcomplying with OPEC+ oil cuts
Image Credit: Flickr

Saudi Arabia's new energy minister said on Thursday that the kingdom would continue to over comply voluntarily with oil output cuts agreed by the OPEC+ producer alliance. Saudi Arabia's October production would be 9.890 million barrels per day, Prince Abdulaziz bin Salman said after a meeting of ministers from the Organization of the Petroleum Exporting Countries and its allies led by Russia.

Discussions on deeper cuts would be left to the next OPEC+ meeting, he said, adding that there was a clear readiness among OPEC+ and its allies to be responsive. The group will discuss the impact of any easing of U.S. sanctions on OPEC+ member Iran if and when that happens, he said.

Russian Energy Minister Alexander Novak said the group had discussed and expressed concerns about slowing economic growth.

Also Read: OPEC secretary general says no alternative plans for OPEC+ agreement - WAM



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