Buhari, Saudi King Salman discuss oil market

President Muhammadu Buhari and Saudi Arabia’s King Salman bin Abdulaziz discussed measures taken to stabilise and restore the balance of global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday.

The two leaders “stressed the importance of compliance, by all participants, to the OPEC+ agreement and the agreed upon compensation mechanism,” according to SPA.

Later on Wednesday, a ministerial panel of key OPEC+ oil producers, headed by Saudi Arabia, will hold a virtual meeting to review the oil market and the group’s conformity with the current oil output cut agreement.

Read also: Oil prices fall as suppliers seek to honour cut agreement, Bonny Light gains 0.77%

OPEC+ is not likely to shift its output policy, which currently seeks reduction of output by 7.7 million barrels per day (bpd) compared to a record high of 9.7 million bpd until this month.

OPEC+ said the Wednesday meeting would focus on compliance by countries like Nigeria, Iraq and Kazakhstan.

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