OPEC+ to Finalize Deal on Next Phase of Oil Production Cuts

OPEC+ to Finalize Deal on Next Phase of Oil Production Cuts

Highlights





Saudi energy minister stresses importance of alliance members meeting production targets as experts point to markets rebalancing







OPEC+, the oil alliance led by Saudi Arabia and Russia, is close to a deal that will take it to the next stage of the historic agreement signed in April to limit global crude production.

Ministers from the 23 countries of the alliance will meet via webinar on Wednesday to seal the deal, but behind the scenes officials from the Organization of the Petroleum Exporting Countries (OPEC) have been in talks to finalize details of the agreement to add roughly 2 million barrels per day (bpd) of oil to current levels.

Prince Abdul Aziz bin Salman, the Saudi energy minister, held phone discussions with his counterpart in Iraq, Ihsan Ismail, where they affirmed their support for the new phase of the OPEC+ deal, which they agreed would "enhance oil market stability and help accelerate the rebalancing of global oil markets.“

In a call with Timipre Sylva, the Nigerian minister for petroleum resources, Prince Abdul Aziz emphasized the importance for all OPEC+ participants to meet production targets.

Russia has already signaled its desire to implement phase two of the OPEC+ agreement.

Experts believe that global