Saudi Arabia has assured several OPEC+ countries that it does not currently plan any radical measures regarding the oil production cuts deal, as it awaits the resolution of the problem with the nations that fail to fulfill the obligations, a source in one of the member states of the alliance told Sputnik on Monday
MOSCOW (Pakistan Point News / Sputnik - 06th July, 2020) Saudi Arabia has assured several OPEC+ countries that it does not currently plan any radical measures regarding the oil production cuts deal, as it awaits the resolution of the problem with the nations that fail to fulfill the obligations, a source in one of the member states of the alliance told Sputnik on Monday.
Dow Jones agency reported last week, citing sources, that Saudi Energy Minister Prince Abdul Aziz Bin Salman was threatening with a new price war over Angola's and Nigeria's failure to compensate the underfulfillment of the obligations under the deal. According to the agency, the energy minister said that Saudi Arabia could sale oil at a discount in order to undermine these two countries' position in the market.
"Riyadh is in contact with the alliance, it plans to hold as detailed negotiations as possible on quota implementation by the so-called underachievers. The aim is to announce the intentions regarding next steps and mechanisms targeting the 'underachievers'. Riyadh has been in contact with some members of the alliance and has assured them that it currently does not plan any radical steps regarding the deal, as it awaits the resolution of the situation with deal implementation by all the participants of the format," the source said.
