Thursday, 29 Oct 2020 10:25 PM MYT
Their hesitance raises the possibility of reviewing output targets when the Organisation of the Petroleum Exporting Countries meets in November to decide on its production policy and could create further friction within the Opec+ group that includes allies, complicating efforts to rebalance the market amid weak global demand.
“The countries are being suffocated with those cuts, it is very tough to continue with them next year too,” said one Opec source. The UAE is cutting around 33 per cent of its output potential, pumping 2.59 million bpd, down from around 3.9 million bpd in April before the deal, according to Opec data. Iraq, Opec’s second largest producer, which is required to cut about 850,000 bpd, has talked about being exempt from the reductions next year.
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