Saudi energy minister says overproducing countries have pledged to compensate

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said the OPEC+ countries that had produced beyond the level stipulated by the crude oil output-cut agreement have pledged to compensate during the period from October to December.

Speaking at the opening of an OPEC+ ministerial monitoring committee (JMMC), Prince Abdulaziz said no one in the market should have any doubts about OPEC+ commitment towards oil market stability.

"The past month witnessed different messages in the oil market, and the state of uncertainty remains strong in energy markets,” agencies quoted the minister as saying. “We must move at a faster pace than events," he added.

"I acknowledge the beneficial role of oil derivatives, but speculation has no place in the oil market," he said.