July 15, 2020 / 12:58 PM / a month ago

Saudi Arabia says OPEC+ moving to easing oil cuts on demand recovery

FILE PHOTO: A person passes the logo of the Organization of the Petroleoum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo

DUBAI (Reuters) - Saudi Arabia’s energy minister said on Wednesday that OPEC+ was moving to the next phase of its oil cut pact when the group is expected to ease their reductions as oil demand recovers.

Prince Abdulaziz bin Salman also said that effective oil cuts will be deeper than 7.7 million barrels per day, thanks to a compensation plan by countries which overproduced in previous months.

The prince, speaking ahead of a meeting of a key ministerial panel of OPEC+, said there will be no increase in Saudi oil exports in August as the additional barrels will be consumed locally.

Reporting by Reuters OPEC team; writing by Rania El Gamal, editing by Louise Heavens

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