Opec+ could hold an extraordinary meeting in October if oil markets weaken further, Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday, according to an Opec+ source.Prince Abdulaziz was speaking at a closed-door meeting of Opec and its allies, led by Russia, which pressed for better compliance with oil output cuts against the backdrop of falling crude prices as uncertainty reigns over the global economic outlook.
The panel of major producers, including Saudi Arabia and Russia, did not recommend any changes to their current output reduction target of 7.7 million barrels per day , or around 8% of global demand, according to a draft press release and an internal report. The panel, however, pressed laggards such as Iraq, Nigeria and the United Arab Emirates to cut more barrels to compensate for overproduction in May-July while extending the compensation period from September to the end of December, according to three Opec+ sources.