12/1/2020, 8:27 AM (Source: TeleTrader)
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Saudi oil min. to resign as OPEC+ chairman - report

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman informed the Organization of the Petroleum Exporting Countries (OPEC) conference that he would resign from the post of chairman of the OPEC+ alliance and the role of co-chairman of its Joint Ministerial Monitoring Committee, Energy Intelligence reported on Tuesday, citing unnamed OPEC delegates.

The cartel failed to reach a consensus on the oil output reduction policy for 2021 yesterday, and is expected to hold a meeting later in the day. According to the report, one of the requirements for the extension of the production cut agreement is full compensation for overproduction in the previous period. There are 12 countries that are expected to compensate to comply with the deal, including Iraq and Russia.

The OPEC+ alliance's meeting has reportedly been moved from December 1 to December 3.

Breaking the News / MS