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Saudi Arabia wants OPEC to comply, not cut more: report

Saudi Arabia wants OPEC to comply, not cut more: report

Top exporter Saudi Arabia wants OPEC to discuss stricter compliance with existing supply curbs before considering more cuts, a Saudi-owned newspaper reported on Monday. Some members of the group, alarmed by falling demand, have made the case for more aggressive action.
Since September, OPEC has agreed to cut 4.2 million barrels per day - about five percent of global daily supply. So far, they have had only a limited impact on a price slide that has knocked more than US$100 off the market since last July's record of nearly US$150 a barrel for U.S. crude.
"There is no need to speak of a new production cut as it would be enough to enhance compliance with the previous decisions," al-Hayat reported, citing unnamed sources. "Saudi has informed the presidency of the organization, which is Angola, that there must be serious compliance with the latest reduction decision taken in December which has prevented oil prices from falling further," al-Hayat reported.
Last week, a source told Reuters OPEC's president would propose no change at the meeting, although there was no official comment and the Angolan Oil Minister Jose Botelho de Vasconcelos said no decision had yet been taken.
The Angolan presidency has a mediating role, while Saudi Arabia is the most influential of the group's 12 members.


Updated : 2021-05-13 01:43 GMT+08:00