Prince Abdul Aziz bin Salman, Saudi Arabia’s energy minister, sent a strong message on Monday of the Kingdom’s determination to rebalance global oil markets after the successful weekend agreement by members of the OPEC+ alliance.

“First and foremost, our purpose is to ensure the stability of the markets,” he told journalists at the first ever “virtual” press conference of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, led by Russia.

But he warned that the progress already achieved in stabilizing oil supply and prices depended on all members of OPEC+ fulfilling their commitments to the cuts of 9.6 million barrels per day agreed in April and extended until August by the weekend meeting.

“There is no room for lack of conformity in the agreement. Producers who have failed to make the agreement will have to make up the cuts in July, August and September. There is no stomach for laxity,” he added.
Iraq and Nigeria were the two main culprits in non-compliance, with Kazakhstan and Angola also selling more oil than they had agreed.

Prince Abdulaziz said that process towards hitting the new output levels would be strictly monitored by monthly meetings of OPEC+ energy ministers.