Saudis keep pressure on OPEC cheats before ministerial talks

Saudis keep pressure on OPEC cheats before ministerial talks

Saudi Arabia kept up the pressure on OPEC+ nations that have been exceeding their oil output targets, hours before a meeting to discuss their agreement.

King Salman bin Abdulaziz called Nigerian President Muhammadu Buhari to emphasise the importance of complying with production quotas and compensating for past shortcomings, state-run Saudi Press Agency said on Wednesday.

Nigeria, Iraq and several other nations have consistently fallen short of their pledges to cut production as the Organization of Petroleum Exporting Countries and its allies seek to offset the sharp drop in oil demand triggered by the coronavirus pandemic.

Their level of compliance will be one of the main subjects of discussion at a video conference later on Wednesday of the OPEC+ Joint Ministerial Monitoring Committee, which is chaired by Saudi Arabia and Russia. It's due to