OPEC+ agrees to 500000 bpd additional cut

OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia, which has long carried an outsized share of the burden, Report informs citing Bloomberg.

The group, which pumps more than half the world’s oil, agreed in Vienna on Friday to reduce its output target by 500,000 barrels a day, said delegates, bringing it in line with recent production levels. Saudi Energy Minister Prince Abdulaziz bin Salman gave a clear signal before the meeting that his priority was to get some members to stop cheating and implement the cuts they have promised.

“Like religion, if you are a believer you have to practice. And without practice you are an unbeliever,” Prince Abdulaziz said at the opening session of Friday’s meeting. “The market will have to trust us. The analysts will have to believe us” and if they don’t “we cannot deliver what we want to achieve. It is as simple as that, and sometimes it is as tough as that.”