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Monday, 24 July 2017

Saudis Plan to Tackle Lagging Compliance With Oil Cuts `Head On' - Bloomberg

Saudis Plan to Tackle Lagging Compliance With Oil Cuts `Head On' - Bloomberg:

"Saudi Arabia, OPEC’s biggest oil producer, plans to step up pressure on nations that aren’t complying with their commitment to cut output, including a proposal to start monitoring exports.

“Some countries continue to lag” in their compliance, Saudi Oil Minister Khalid Al-Falih said Monday in St. Petersburg, Russia, where he’s attending a meeting of OPEC and non-OPEC producers. It’s “a concern we must address head on.”

OPEC’s supply in July will be the highest this year, data from tanker-tracker Petro-Logistics SA show. The group’s compliance with its November deal to curtail output dropped to 92 percent in June from 110 percent in May, according to a person familiar with the data."



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