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MOSCOW (Reuters) – The Organization of Petroleum Exporting Countries and its allies could simply talk this month about countries that have fallen into reducing oil production as a component of a global oil relief agreement, Russian Energy Minister Alexander Novak said Monday.
Saudi Arabia, which chairs a ministerial organization that oversees compliance with oil cuts, has been working to pressure newcomers like Iraq, Kazakhstan, Nigeria and Angola to comply with the cuts and offset their overproduction in July-September.
When asked if the newcomers asked to broaden the era of their compliance, the news firm RIA quoted Novak as saying, “I have no data on it. “
“We are scheduled for a WYD assembly on September 17. I think we’re going to talk about all those issues,” he said.
Last week, Iraq issued conflicting statements about its position on the oil production agreement.
He said he remained fully committed to OPEC’s oil source relief agreement, denying an earlier media report that he was seeking an exemption from the cut-off pact in the first quarter of 2021.
OPEC and its allies, an organization known as OPEC, are lately reducing production by 7. 7 million barrels according to day (b/d) through December to costs as the coronavirus crisis hits demand.
Russian President Vladimir Putin and Saudi King Salman spoke on Monday and welcomed the implementation of the agreement between OPEC and non-OPEC manufacturers to restrict oil production, according to the Kremlin.
(Report via Vladimir Soldatkin and Olesya Astakhova; edited through Jason Neely and Emelia Sithole-Matarise)