Saudi, Russia call for better compliance with OPEC oil cuts

West Texas Intermediate futures were up 54 cents or 0.9 per cent to USD 57.94 a barrel

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 and indicated the market would be in surplus.

OPEC in its monthly report on Wednesday announced that it cut its forecast for 2020 global oil demand growth by 60,000 barrels per day to 1.08 million barrels per day amid a global economic slowdown.

As an illustration of the challenge OPEC is facing, the US briefly overtook Saudi Arabia as the world's largest oil exporter in June.

Saudi Arabia and Russian Federation on Thursday called on OPEC members and its allies to better comply with oil production cuts.

Two OPEC delegates said deeper cuts could indeed be discussed on Thursday, when some OPEC+ ministers meet for a market monitoring committee in Abu Dhabi ahead of the formal OPEC+ meeting in December.

OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices.

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Elsewhere, Saudi Arabia and Russian Federation, the leaders of the alliance undertaking crude oil supply adjustments, have said they aim for "full conformity" from all members of the super-group to curb output and boost oil prices.

Saudi Arabia's October production would be 9.890 million barrels per day, Prince Abdulaziz bin Salman said after a meeting of ministers from the Organisation of the Petroleum Exporting Countries and its allies led by Russian Federation.

"In August, Baghdad reported its highest oil production on record at 4.6 million barrels per day (BPD), a volume that has increased steadily over the past few years despite almost two decades of war and a bloody three-year battle to drive out the so-called Islamic State (IS)", reports CNBC. It was the first increase this year.

He said the meeting on Thursday also discussed rising US shale output and exports, a global economic slowdown and a possible softening of USA sanctions on OPEC member Iran.

The call signals that the two countries want over-producing countries such as Nigeria and Iraq to curb output to help boost oil prices.

The report suggests there will be a 2020 supply surplus of 340,000 bpd if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

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