OPEC hasn’t even started implementing its new six-month agreement to cut output, and already members responsible for most of the reductions have pledged to extend or even deepen it.
Saudi Arabia has volunteered to take the lead in trimming production by more than it has agreed. The world’s biggest oil exporter plans to pump 10.2 million barrels a day in January rather than the 10.3 million allotted to it in the OPEC+ agreement.
“Over-conformity is not new to Saudi Arabia,” said the kingdom’s OPEC governor Adeeb Al-Aama. “Our conformity with the previous cuts was 120% between January 2017 and May 2018.”