President Muhammadu Buhari and Saudi Arabia’s King Salman bin Abdulaziz discussed measures taken to stabilise and restore the balance of global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday.
The two leaders “stressed the importance of compliance, by all participants, to the OPEC+ agreement and the agreed upon compensation mechanism,” according to SPA.
Later on Wednesday, a ministerial panel of key OPEC+ oil producers, headed by Saudi Arabia, will hold a virtual meeting to review the oil market and the group’s conformity with the current oil output cut agreement.
OPEC+ is not likely to shift its output policy, which currently seeks reduction of output by 7.7 million barrels per day (bpd) compared to a record high of 9.7 million bpd until this month.
OPEC+ said the Wednesday meeting would focus on compliance by countries like Nigeria, Iraq and Kazakhstan.
