Saudi minister calls on all countries to comply with OPEC+ deal

All participating countries need to fulfill the OPEC+ deal, Nigeria, Iraq, and Kazakhstan are making progress in compensating for the unreduced volumes, Saudi Energy Minister Abdulaziz bin Salman said at a meeting of the OPEC+ Ministerial Monitoring Committee, Report informs.

"Several countries have shortened the period for reimbursing compensation volumes, Nigeria can be commended for the achieved process in this direction. I hope that this issue will be removed from the OPEC agenda soon. I also hope that Iraq will complete this procedure soon. Also, let’s not forget about Kazakhstan. I call on my colleagues and friends to fulfill their promises," he said.

In January, the OPEC+ countries agreed on production cuts for February and March, and only Russia and Kazakhstan will slightly increase it. As a result, the overall reduction in the deal will soften to 7.125 million barrels per day in February and 7.05 million in March. The baseline for these reductions is production volume as of October 2018, and 11 million barrels per day for Russia and Saudi Arabia.

Meanwhile, during these months, Saudi Arabia, has been voluntarily reducing production by additional 1 million barrels per day compared to January. Several OPEC+ countries will also cut their output, and taking into account their share, the total reduction by January is 1.425 million barrels per day.