Buhari, Prince Salman discuss OPEC+ deal on phone

<!– File: Buhari and Saudi Crown Prince Salman –>

File: Buhari and Saudi Crown Prince Salman

President Muhammadu Buhari in a phone chat with Saudi Crown Prince Mohammed bin Salman, have reviewed the current progress made on the OPEC+ deal.

According to SPA, the Saudi news agency, both leaders spoke on Monday.

Buhari and Salman also reviewed aspects of cooperation to enhance stability of oil markets, SPA added.

Under the deal, Nigeria’s production quota has been pegged at 1.4m bpd.

The country has promised to keep to the quota by the end of June, though it supplements its oil exports with over 350,000 bpd of condensates.

Saudi Arabia pegged its production to 7.492 million barrels per day in June.

According to a Platt survey, the 23 member states of OPEC+, comprising of OPEC and ten of its oil-producing allies, for the most part delivered on record production cuts agreed to by the alliance through the month of May.

“OPEC’s 13 members dropped their output to 24.32 million b/d, for a compliance rate of 82% with their prescribed cuts,” S&P Global Platts found in a survey released Wednesday.

The ten non-OPEC members, which include Russia, pumped a combined 13.89 million barrels per day comprising 91% of their cuts, bringing OPEC+’s collective compliance to 85%, Platts reported.

Following the coronavirus pandemic-induced plunge in oil prices, OPEC+ embarked on the largest coordinated oil production cut regime in history in May.

They agreed to cut 9.7 million bpd in an effort to support the market, amounting to about 10% of global oil supply.

In total, Platts found that the coalition managed to reduce its output by a combined 8.28 million bpd for the month.

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