Nigeria and Iraq pledge to cut output to meet OPEC targets

Nigeria and Iraq pledge to cut output to meet OPEC targets

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) is seen at OPEC’s headquarters in Vienna, Austria July 1, 2019. REUTERS/Leonhard Foeger

ABU DHABI (Reuters) – Iraq’s and Nigeria’s oil ministers pledged on Thursday to reduce oil output to comply with their OPEC output targets.

An OPEC+ statement said it was important for all countries to reach full conformity with cuts. It also said OECD oil stocks remained above the 5-year average.

Market monitoring will continue ahead of the next OPEC meeting in December, the statement also said, adding that trade tensions and macroeconomic uncertainties remain.

Reporting by Dmitry Zhdannikov; Editing by Kevin Liffey

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