In Saudi Arabia, outrage over the fact that, that some countries, become parties to the so-called new OPEC + deal (OPEK ++), never reached the agreed volume of oil production cuts. According to recent reports, these include
African oil producing countries - Angola and Nigeria.
In Riyadh consider, that the companies of these African states are playing a dishonest game in the oil market, which threatens not only agreement, but also the entire energy sector, which has recently stabilized. Stabilization is confirmed by oil prices. Currently, a barrel of Brent crude is trading in the range 40-42 US dollars.
The head of the Saudi Ministry of Energy, Prince Abdul-Aziz bin Salman, threatened Angola and Nigeria with the real “oil war”. According to him, these countries must be held accountable for playing dishonestly in the global market. Unless the international community cares, the, as the minister stated, Saudi Arabia itself will take hard steps. Riyadh threatens to reuse large discounts on oil sales, which will actually again jeopardize the OPEC + agreement.
According to the Saudi authorities, “hard steps” will be directed exclusively against those countries, who have not fulfilled obligations to reduce production. However, such a statement seems to some extent cunning. After all, if Riyadh goes to lower prices, this will affect not only Angola and Nigeria, but also to the entire world oil industry.
For reference: participants in the new OPEC + deal agree to reduce production in May-June by 9,7 million barrels per day. FROM 1 July until the end of the reduction should be 7,7 million barrels of.
