18 Sep, 2020 09:00 am

OPEC+ urges 'full conformity' with production cuts, and Saudi Arabia's energy minister warns market gamblers will be hurt 'like hell'

Saudi's Prince Abdulaziz said that the OPEC+ could hold an extraordinary meeting in October if oil demand worsens.

p OPEC+ emphasized on sustaining "full conformity" with oil production cuts at its Thursday meeting, which was held to review compliance targets.Analysts had not expected any additional output cuts at Thursday's meeting.He said that the OPEC+ could hold an uncustomary meeting in October if oil demand worsens and COVID-19 cases increase substantially.Here are 7 reasons why the firm is bullish, and 5 stocks it recommends buying in advance The Joint Ministerial Monitoring Committee "observed that the recovery has not been even across the world and an increase in COVID-19 cases has appeared in some countries," an OPEC statement read.

strong Goldman Sachs says oil prices are set to move 'meaningfully higher' into next year." Oil prices have risen about 11% in the last week following a drawdown in US crude and gasoline inventories, and as Hurricane Sally forced one-fifth of US offshore production to shut.

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