9/17, 2:49 PM (Source: TeleTrader)
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OPEC+ deal compliance not charity act - Saudi oil min

Saudi Arabia's Oil Minister Prince Abdulaziz bin Salman said on Thursday that all participants in the OPEC+ output cut deal must achieve full compliance and stressed those who have been overproducing will have to compensate with larger cuts.

"Let me be clear from the start. Full compliance is not an act of charity. It is an integral part of our collective effort to maximize the interest and gains of every individual member of this group," the Saudi minister said in his opening remarks at the OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting. He warned that attempts to use "tactics" and overproduced have always "ended in failure."

"We must strive to put the compensation scheme behind us and implement it before year-end," he added.

Breaking the News / NP