Saudi Arabia, Iraq, and Nigeria commit to OPEC+ deal
Saudi Arabia, Iraq, and Nigeria underlined their complete commitment to the OPEC+ deal on Monday. According to a report by Asharq Al-Awsat a series of telephone calls took place between the respective energy ministers of the hese three largest oil producing members of OPEC, in which they stressed that efforts to reduce output bolsters the global energy markets and will accelerate efforts to strike a balance in them.
The report cites Saudi Energy Minister Prince Abdulaziz bin Salman talking with his Iraqi counterpart Ihsan Abduljabbar Ismail on the latest oil market developments, the improvement on demand, and the implementation of the OPEC+ deal. He “expressed his confidence that Iraq would continue to improve its level of compliance”, according to a joint statement, adding Baghdad’s conformity in June has approached 90 percent, as reported by OPEC’s secondary sources.
Meanwhile, Ismail was cited as saying that his country was fully committed to the OPEC+ oil output cut agreement and that Baghdad would improve its compliance with the supply reductions to reach 100 percent by the time of August for his part, pledging to compensate for Iraq’s overproduction in May and June during the months of July, August, and September.
On the other hand , Nigerian oil minister Timipre Sylva, in a telephone call with Prince Abdulaziz, said his country will raise its compliance with OPEC+ oil cuts to 100 percent, and will compensate for its overproduction in May and June, during the period of July-September as cited by the reporters of the newspaper. The discussion was concentrated on the global oil markets, improvement in oil demand, and the progress made towards the full implementation of the OPEC+ pact
