July 13, 2020 / 5:47 PM / a month ago

Nigeria will boost its compliance with OPEC+ cuts -SPA

DUBAI, July 13 (Reuters) - Nigeria’s oil minister said his country will raise its compliance with OPEC+ oil cuts to 100%, and will compensate for its overproduction in May and June, during the period of July-September, according to a report by Saudi state news agency SPA.

Nigeria’s Timipre Sylva, in a phone call with his Saudi counterpart, discussed the global oil markets, improvement in oil demand, and the progress made towards the full implementation of the OPEC+ pact, according to SPA.

Saudi energy minister Prince Abdulaziz bin Salman, who heads the OPEC+ panel known as the JMMC, which monitors adherence to the cuts, has emphasized the importance for all OPEC+ countries to meet their agreed output targets under the pact to accelerate oil market rebalancing, according to the joint statement. (Reporting by Rania El Gamal Editing by Chris Reese)

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