Oil markets have endured another largely bearish week, with both Opec and the IEA downgrading their demand projections for 2020 and 2021. Senior Opec+ figures then pledged their continued commitment to stabilizing the market during the 17 September meeting of the Joint Ministerial Monitoring Committee (JMMC), but Algeria’s Energy Minister and Opec President, Abdelmajid Attar acknowledged “signs that risks are skewed to the downside.”
With Opec+ seeking to reassure oil markets that the alliance will handle the supply side of the equation, Saudi Energy Minister Prince Abdulaziz bin Salman took a firm line with non-compliant producers. Opening proceedings, he stated “let me be clear from the start. Full compliance is not an act of charity, it is an integral part of our collective effort to maximize the interest and gains of every individual member of this group.” (CONTINUED - 883 WORDS)
