Nigeria, Saudi Arabia seek oil price stability

Nigerian President, Muhammadu Buhari and Saudi Arabia’s King Salman bin Abdulaziz have discussed ways to ease the global oil trade and stabilise its price.

Saudi state news agency, SPA reported the dialogue which occurred in a telephone conversation.

According to SPA news agency, the two leaders “stressed the importance of compliance, by all participants, to the OPEC+ agreement and the agreed upon compensation mechanism”.

A virtual meeting of the ministerial panel of OPEC+ oil producers are meeting later this Wednesday. Saudi Arabia is the head of the meeting. The gathering will be reviewing the situation of the oil market and members compliance with an output cut.