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Saudi Arabia leads OPEC+ to agree on more output cuts

Saudi Arabia leads OPEC+ to agree on more output cuts

Mubasher: OPEC+ agreed to adjust output target and redistribute production cuts between its members, Bloomberg reported on Friday.

Pressured by Saudi Arabia, the group agreed to reduce its output target by 500,000 barrels a day, matching recent production levels.

Saudi Energy Minister Prince Abdulaziz bin Salman affirmed before the meeting that the kingdom’s priority is to ensure adherence to agreed-upon cuts.

“Like religion, if you are a believer you have to practice. And without practice you are an unbeliever,” Prince Abdulaziz said during OPEC+ meeting.

Under the new deal, OPEC+ daily production cuts target will be increased to 1.7 million barrels from 1.2 million.

It is worth noting that Rystad Energy predicted that oil production from non-OPEC countries would surge in 2020