IRAQ AND NIGERIA AGREE TO CUT OIL OUTPUT




İrem UZUN – TDO -  In OPEC meeting on Thursday, members agreed to trim oil output by asking over-producing members Iraq and Nigeria to bring production in line with their targets as the group strives to prevent a glut amid soaring U.S. production and a slowing global economy.

Oil prices have dropped below $60 per barrel in recent weeks from their 2019 peaks of $75 as fears of a global recession outweigh concerns about falling supply from sanctions-hit Iran and Venezuela.Officials at the Organization of the Petroleum Exporting Countries committee meeting held in Abu Dhabiemphasized that the group remained committed to stabilizing the market through a package of cuts that began in 2017. However, Iraq and Nigeria have been producing above their quota.OPEC’s de facto leader, Saudi Arabia, will continue pumping less than its target, said Prince Abdulaziz bin Salman, who is also the new Saudi Energy Minister. At the end of the meeting, Abdulaziz bin Salman said that although the members have reached a consensus, the final decision would have to wait for a policy discussion meeting in Vienna in December.