OPEC reiterates commitment to oil cuts, vows compensation for overproduction

OPEC reiterates commitment to oil cuts, vows compensation for overproduction

VIENNA — Major oil-producing countries on Monday reaffirmed their commitment to achieving full compliance with production cuts in order to bring about stability in the market.In a virtual meeting of OPEC Joint Ministerial Monitoring Committee that took place under the chairmanship of Saudi Energy Minister Abdulaziz Bin Salman, the ministers also vowed to make up for any shortfalls under compensation plans presented to the committee for an extended period through December 2020.All participating countries were encouraged to increase their efforts to compensate for overproduced volumes in order to achieve the objective of market rebalancing