Thursday, October 31, 2019, President Buhari met with Saudi Crown
Prince Mohammed bin Salman, on the margins of the Future Investment
Initiative (FII) conference in Riyadh. Photo: TWITTER/NGRPresident
https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Discusses-Progress-Of-OPEC-Deal-With-Nigeria.html
Saudi Arabia’s Crown Prince Mohammed and the president of Nigeria
Muhammadu Buhari, discussed the progress of the OPEC+ oil production cut
deal this week in a phone call, the Saudi Press Agency reported without providing any details about the contents of the call.
Nigeria,
along with Iraq, has been lagging in compliance with the production
quotas set by OPEC+ in April, aiming to shave off some 9.7 million bpd
in oil supply until the end of July.
In fact, Iraq and Nigeria—especially Nigeria—were
so bad at compliance that Saudi Arabia’s Energy Minister had to put his
foot down at the last OPEC+ meeting and demand from them that they
start cutting production more deeply to improve their compliance rates.
Iraq and Nigeria’s non-compliance with the record OPEC+ cuts in May nearly wrecked the
June meeting of the pact, ahead of which the two leaders of the group,
Saudi Arabia and Russia, had insisted that there would be an extension
by one month to the current level of cuts only if laggards in compliance
ensured over-compliance going forward to compensate for flouting their
quotas so far.
Iraq and Nigeria had little choice but to cave, and undertook to
deepen their production cuts not just in July but also in August and
September, to compensate for their under compliance in May when the deep
cuts began. For now, the agreement is to cut a total of 9.7 million bpd
until the end of July. According to Russia’s Energy Minister, a further
extension of the deep cuts would not be needed as the market will have
begun to rebalance by the end of July.
Yet another extension
remains a possibility: the latest production data on OPEC, from
Petro-Logistics, overall OPEC output was down by 1.25 million bpd in
June from May but was still above the amount it was supposed to be
producing per its agreement with Russia and the other non-OPEC states in
OPEC+
By Charles Kennedy for Oilprice.com
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