OPEC in compliance push before December meeting; Gabon says will adhere


OPEC in compliance push before December meeting; Gabon says will adhere

Gabon has told OPEC it will comply fully with its pledge to cut oil output under a 2019 supply deal between the exporter group and rivals such as Russia, in the latest sign of an OPEC push to improve compliance before its next meeting in December.

Gabon’s oil and gas minister, Noel Mboumba, made the assurance in a telephone call with Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs a ministerial committee monitoring the deal, the African country said in a statement.

One of OPEC’s smallest producers, Gabon has not implemented its share of the supply cut. The nation pumped 199,000 barrels per day (bpd) in September according to OPEC figures, above its target under the deal of 181,000 bpd.

More uniform levels of adherence would boost the credibility of the pact and, OPEC delegates say, would be needed for any further output cut to be seriously considered. Read More

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