OPEC + will consider increasing production reduction at the December meeting

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      Saudi Arabia, OPEC's de facto leader, hopes to focus on improving the implementation rate of OPEC + production reduction agreement before committing to further production reduction, sources said. OPEC + refers to the alliance formed by OPEC and other non OPEC oil producing countries such as Russia.
OPEC countries such as Iraq and Nigeria have failed to strictly abide by their production reduction commitments.
Saudi Arabia and other OPEC Gulf oil producing countries have been cutting production more than required by the agreement in order to stabilize the market and prevent oil prices from falling.
Riyadh has undertaken most of the production reduction tasks, and its production has been about 300000 barrels / day lower than the quota stipulated in the agreement.
"Saudi Arabia wants to stop oil prices from falling. But now they want to make sure that countries such as Nigeria and Iraq deliver on their commitments first and achieve a 100% implementation rate, "said an OPEC source.
"At the December meeting, we will consider whether further production cuts are needed next year. But it's too early. It will be clearer by November. "
Another OPEC source said: "of course, further production reduction is an option, but something should happen before then. If Iraq and Nigeria do not comply with the production reduction agreement 100%, other OPEC + oil producing countries will not significantly reduce production. "
Two sources from OPEC and non OPEC oil producing countries said that the Joint Technical Committee (JTC), which is responsible for monitoring the implementation of the agreement, may start to consider various scenarios for further production reduction next month and make suggestions to the December meeting of OPEC +.


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