In the end, the 24-member Opec+ coalition agreed on 2 July to extend its 1.2mn b/d production cuts by nine months to 31 March 2021. “The commitment to a nine-month extension is unequivocal, very solid, very strong,” Saudi Energy Minister Khalid al-Falih said. This is a far cry from January, when Mr Falih said the market imbalance was less severe than many perceived: “I just can’t see it taking a long time [to fix]” (MEES, 18 January).

The Saudi minister added that “as high as the collective conformity has been for the first half of the year… the second half is going to be different,” as he voiced confidence that countries such as Iraq and Nigeria would improve their compliance. (CONTINUED - 1904 WORDS)