Oil Overproduction: OPEC+ Asked To Extend Compensation Period

Fed warning sends stocks scurrying

Fed warning sends stocks scurrying

Indrajit Sen, Oil & Gas Editor at MEED, part of GlobalData, says: "The Saudi Arabia-led organization's greatest achievement to date has arguably been its success in keeping a Russia-led group of 11 non-Opec oil producers engaged since November 2016, in a mechanism to achieve global crude demand-supply balance through production cuts".

"We will never leave this market unattended", the prince told reporters after the JMMC meeting, which he co-chaired with Russian counterpart Alexander Novak. "I want the guys in the trading floors to be as jumpy as possible".

Brent crude, the worldwide benchmark, dipped below $40 a barrel last week for the first time since June. "Opec knows it is battling probably the biggest oil demand erosion challenge it has ever faced, and must continue working with its non-Opec allies in the future to overcome the downturn".

'We applaud the excellent results of the cooperative work of OPEC+, which has allowed us to reach a historic level of compliance with the production adjustment commitment in August of 101 percent that contributes to our efforts to rebalance the world market, ' the minister tweeted. The panel "recommended that participating countries take further necessary measures when needed".

Prince Abdulaziz confronted the challenge of a weakening oil market with a bluntness rarely seen inside the coalition of 23 producers.

Improving daily techs underpin the action, with stronger positive signals developing on weekly chart, as oil is on track for bullish weekly close after two consecutive weeks in red and also forming bullish engulfing pattern, which could further boost the rally. He made his remarks with UAE Energy Minister Suhail al-Mazrouei seated next to him in Riyadh, while other ministers attended the meeting via videoconference.

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Prince Abdulaziz said on Thursday the compensation period could be extended until the end of 2020.

The minister lashed out at members who were not complying, saying they were bringing "harm to our reputation and credibility", but without naming names. OPEC+ previously met in July.

These were the details of the news Saudi Arabia urges compliance with OPEC cuts for this day. They were given till the end of September to compensate for the overproduction.

But the cartel has called out laggards, including Nigeria and Iraq, for over-producing and failing to implement their share of the cuts.

"You have the two most powerful members of the technical committee giving this narrative", said Bart Melek, head of global commodity strategy at TD Securities.

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