Saudi Arabia’s new energy minister, Prince Abdulaziz bin Salman, said on Thursday that the Kingdom would continue to voluntarily over comply with the oil output cuts agreed by the OPEC+ group.
He made these comments at the 16th OPEC Joint Ministerial Monitoring Committee in Abu Dhabi on Thursday. The producers are discussing whether there is a need to deepen OPEC’s current policy of cutting output to support the oil market. OPEC and non-members had agreed in 2017 to begin reducing their output.
In December members and non-members announced a supply reduction of 1.2 million barrels per day from January 1 this year, although the level of compliance has varied from country to country. Saudi Arabia has notably been significantly over complying with its oil cuts.