Source: Saudi Arabia not to make serious changes to OPEC+ deal

MOSCOW, Jul 6 (PRIME) -- Saudi Arabia does not plan any changes to the OPEC+ oil output reduction deal, it is waiting for the countries that fail to comply with the deal to improve their performance, a source from one of the OPEC+ states told PRIME on Monday.

Last week Dow Jones reported quoting sources that Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud had threatened to start a new oil price war, if Angola and Nigeria don’t compensate their non-compliance with the deal. The sources told the newswire that Saudi Arabia was going to sell its oil at a discount to disrupt market positions of the two states.

“Currently, Riyadh is in contact with the alliance, and the plans include detailed discussion of compliance with quotas from these so-called ‘slackers’. The goal is to declare intent of further steps and mechanisms that the alliance will make over ‘slackers’. Riyadh contacted several members of the alliance and assured them that it has no plans to make new radical steps while it is waiting for the situation of compliance with the deal by all members of the formal to resolve itself,” the source said.

n April, the OPEC+ countries agreed to reduce their oil output by 9.7 million barrels per day in May–June, with Russia’s share of 2.5 million barrels per day, and to decrease daily reduction afterwards. In June, the participants decided to prolong the cut of 9.7 million barrels per day for July. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

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