WORLD OIL | Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets.
Saudi Crown Prince Mohammed bin Salman and Nigerian President Muhammadu Buhari discussed “ways of cooperation to enhance the stability” of the market during a phone call on Monday, the state-run Saudi Press Agency reported. It’s unusual for the prince, who is effectively the kingdom’s ruler, to call other leaders about OPEC matters.
The Organization of Petroleum Exporting Countries and its partners have pledged to curb oil output by 9.7 million barrels a day -- roughly 10% of global supply -- to offset the demand losses inflicted by the coronavirus crisis. Yet some members of the coalition, most notably Iraq and Nigeria, have been rebuked for failing to implement their share of the reduction.
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