OPEC and its allies led by Russia to meet on Saturday to discuss extending record oil production cuts
FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries outside its headquarters ahead of the OPEC and non-OPEC meeting, Austria, Dec. 6, 2019. REUTERS/Leonhard Foeger/File Photo
“The conditions right now warrant hopefully successful meetings,” Saudi Energy Minister Prince Abdulaziz bin Salman told Reuters on Friday, adding that coordination was under way to hold the OPEC and OPEC+ meetings on Saturday. Three OPEC sources said an extension to cuts was contingent on high compliance. They said countries that produced above quota in May and June must promise to adhere to targets and compensate for any earlier overproduction by cutting more in July, August and September.
Iraq, which had one of the worst compliance rates in May according to a Reuters survey of OPEC production, agreed to the additional pledge, OPEC sources said. [OPEC/O] It was not clear how exactly Iraq would agree with oil majors working on its territory to reduce output further. The country is yet to assign a new oil minister with the finance minister also performing the role of acting oil minister.
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