Saudis Offer OPEC+ Quid Pro Quo: We’ll Cut If You Stop Cheating - Bloomberg:
Saudi Arabia is offering fellow OPEC+ members a quid pro quo: If you stop cheating, we’ll curb production.
With just hours to go before the Organization of Petroleum Exporting Countries’ meeting in Vienna, it was unclear if the kingdom was simply offering to return to its average output for 2019 -- ending a brief surge to compensate for the September attacks on its oil facilities -- or whether it was willing to take even more oil off a market that’s looking oversupplied in early 2020.
What was becoming clear, according to OPEC delegates, was new Saudi Oil Minister Prince Abdulaziz bin Salman’s reluctance to endorse the status quo, in which countries including Iraq, Nigeria and Russia have consistently failed to implement their pledged output cuts, leaving the kingdom carrying most of the burden of supporting crude prices.
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