Nigeria and Iraq pledge to cut output to meet OPEC targets

Iraq’s and Nigeria’s oil ministers pledged on Thursday to reduce oil output to comply with their OPEC output targets. An OPEC+ statement said it was important for all countries to reach full conformity with cuts. It also said OECD oil stocks remained above the 5-year average.

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

Pix: OPEC headquarters, Vienna