OPEC+ urges ‘full conformity’ with production cuts, and Saudi Arabia’s energy minister warns market gamblers will be hurt ‘like hell’
- Date: 18-Sep-2020
- Source: Business Insider
- Sector:Oil & Gas
- Country:Saudi Arabia
OPEC+ urges ‘full conformity’ with production cuts, and Saudi Arabia’s energy minister warns market gamblers will be hurt ‘like hell’
Police officers stand guard on the rooftop of Vienna's OPEC headquarters before the start of meeting of OPEC oil ministers.
The Organization of Petroleum Exporting Countries and its allies urged "full conformity" with oil production cuts at its online meeting held on Thursday. In a separate news conference, Saudi Arabia's energy minister warned that those traders who wish to short the oil market would be hurt "like hell."Saudi's Prince Abdulaziz said OPEC+ could hold an extraordinary meeting in October if oil demand worsens."With the formerly noncompliant countries likely reducing their production and current prices being too low to support growth in the US, oil supply is likely to stay under control," a commodity analyst at UBS said.Visit Business Insider's homepage for more stories.
OPEC+ emphasized on sustaining "full conformity" with oil production
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