Iraq and Nigeria pledge to compensate for overproduction ahead of Opec+ meeting – The National
- Date: 14-Jul-2020
- Source: The National
- Sector:Oil & Gas
- Country:Saudi Arabia
Iraq and Nigeria pledge to compensate for overproduction ahead of Opec+ meeting – The National
The alliance is set to meet for its monthly monitoring committee meeting on Wednesday
Saudi Arabia's energy minister Prince Abdulaziz bin Salman at the Opec+ emergency meeting in April. Saudi Press Agency
Opec+ laggards Nigeria and Iraq pledged they will boost their compliance to 100 per cent over the coming months, as the alliance of 23 oil producers looks to gradually taper an historic production cut pact.
In a phone conversation with Saudi Arabia's energy minister Prince Abdulaziz bin Salman, Nigeria's minister of state for petroleum resources, Timipre Sylva said the West African producer had not yet met the terms of the agreement, according to a joint statement carried by the Saudi Press Agency.
The country will raise its conformity to the pact in the months of July, August and September for producing above its quota in May and June.
"Saudi Arabia and Nigeria reiterate their firm commitment to the Opec+ agreement and to the level of production cuts to reduce output,“ the countries said.
Iraq's new oil minister Ihsan Abdul Jabbar Ismail also vowed to make additional cuts until September for overproduction in May and June.
The Opec+ producer alliance, led