Earlier this week, media reported that Saudi Arabia as a key OPEC member planned to increase oil cuts 400,000 barrels per day and insist on stricter compliance with the current cuts as some countries, including Iraq and Nigeria, produced well above their quotas, while Riyadh reduced more than demanded.
Ministers of OPEC member-states as well as non-OPEC members, known collectively as OP
EC+ are gathering this Friday for the 7th Ministerial meeting.
The OPEC+ countries have been reducing oil production since 2017 to counter a perceived glut on the global market, caused by a recent boom in oil output in the United States.
The OPEC+ oil output cut agreement has since been repeatedly extended, while its conditions keep changing.
The agreement stipulates slashing supplies by 1.2 million barrels per day from the October 2018 level for the first half of 2019. In July, OPEC+ extended the agreement on the same terms through March 2020.