OPEC: Nigeria, Iraq pledge to cut output to meet targets

Iraq’s and Nigeria’s oil ministers pledged on Thursday to reduce oil output to comply with their OPEC output targets.

The OPEC+ said it was important for all countries to reach full conformity with cuts. It also said the Organisation for Economic Co-operation and Development (OECD) oil stocks remained above the five-year average.

Market monitoring will continue ahead of the next OPEC meeting in December, the organisation also said, adding that trade tensions and macroeconomic uncertainties remain.

As part of the new OPEC+ agreement, OPEC members are required to cut annual production by a combined 800,000 BPD and non-OPEC members, namely Russia, have to make a total reduction of 400,000 BPD.