OPEC and its allies will consider whether to deepen cuts to crude supply when th...
DUBAI/MOSCOW/LONDON - OPEC and its allies will consider whether to deepen cuts to crude supply when they next meet in December due to worries about weak demand growth in 2020, sources from the oil-producing club said.
OPEC members Iraq and Nigeria are among the countries that have failed to comply properly with pledged output reductions. “The Saudis want to prevent oil prices from falling. But now they want to make sure that countries like Nigeria and Iraq reach 100% compliance first as they have promised,” one OPEC source said.
Two sources from OPEC and non-OPEC producers said that next month the JTC committee, which monitors compliance with the pact, could start considering scenarios for deeper cuts and make its recommendations to the OPEC+ meeting for debate in December. But Iraq is struggling with anti-government protests and Nigeria was granted a higher oil output target in July as the African country plans to expand its oil industry.
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