Left Menu
Development News Edition

RPT-UPDATE 1-Saudi, Russia call for compliance with OPEC+ supply curbs

Reuters | Riyadh | Updated: 12-09-2019 13:21 IST | Created: 12-09-2019 13:11 IST
RPT-UPDATE 1-Saudi, Russia call for compliance with OPEC+ supply curbs
Image Credit: Flickr

The energy ministers of Saudi Arabia and Russia called on all producers to comply with oil output cuts under an OPEC-led supply deal, ahead of a meeting of a joint monitoring committee on Thursday.

Saudi Energy Minister Prince Abdulaziz bin Salman said every country should comply with the cuts to achieve market stability and cohesiveness among producers. He said the course of action decided by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, would be shared after the committee meeting being held in the United Arab Emirates.

Russian Energy Minister Alexander Novak said a key goal of OPEC+ was to maintain full conformity with the cuts, and that the joint efforts of producers would have a lasting and positive impact on global oil markets. The producers are expected to discuss whether there is a need to deepen output cuts. Oil prices tumbled over 2% on Wednesday after a report that U.S. President Donald Trump was considering easing sanctions on Iran, which could boost global crude supply at a time of lingering worries about energy demand.

OPEC, Russia and other non-members agreed in December to reduce supply by 1.2 million BPD from Jan. 1 this year. OPEC's share of the cut, which now runs to March 2020, is 800,000 BPD, delivered by 11 members and exempting Iran, Libya, and Venezuela. OPEC has been over-complying with cuts on average as Iran and Venezuela's exports collapsed due to sanctions, but some countries like Nigeria and Iraq have been producing above their quota.

Also Read: New Saudi energy minister says OPEC+ alliance staying for long term


TRENDING

OPINION / BLOG / INTERVIEW

5G will be the key driving force for COVID-19 recovery: Here's how?

... ...

Canada’s COVID-19 pitfalls highlight need for integrated health information system

In the globalized world of today where outbreaks can spread far and wide within a matter of days, a global-level integrated health information system is ideal but Canadas provincial barriers show that the country lags much behind in deployi...

Pandemic must be impetus, not obstacle, for clean water access

To make matters worse, there are suspicions that the inadequacy of wastewater treatment methods in California, the rest of the USA, and indeed around the world may help to propagate the disease even more widely. ...

3D printing and the future of manufacturing post COVID-19

The on-demand, customizable, and localized manufacturing of product components facilitated by 3D printing has the potential to redefine manufacturing but there are certain technical, mechanical, and legal limitations that, unless ...

Videos

Latest News

Reuters Health News Summary

Following is a summary of current health news briefs. Exclusive U.S. recruits scientists abroad for COVID-19 vaccine trials, pledges access to supplyThe Trump administrations coronavirus vaccine project is recruiting scientists in South Afr...

Reuters People News Summary

Following is a summary of current people news briefs.Billionaire Sumner Redstone, media mogul who headed Viacom, dead at 97Viacom and CBS Chairman Emeritus Sumner Redstone, the media mogul who took his fathers movie theater chain and built ...

TikTok deal must provide 'total security' and 'substantially' benefit US: Trump

Any deal to sell TikTok to an American company must provide total security and substantially benefit the United States, President Donald Trump has said as he emphasized on the September 15 deadline for the popular Chinese social networking ...

Duo chairs of Nepal ruling party to meet today to end deadlock

Prime Minister and chairman of the NCP KP Sharma Oli and co-chair Pushpa Kamal Dahal are set to hold another round of discussion at 11 am on Friday about the possible ways to end the stalemate in the Nepal Communist Party NCP. On Thursday a...

Give Feedback