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Mon 9 Mar 2009 08:41 PM

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Saudis want OPEC compliance, not cuts

World's biggest oil exporter wants OPEC to discuss stricter compliance with existing supply curbs, not cuts.

Saudi Arabia wants OPEC to discuss stricter compliance with existing supply curbs and not debate another production cut, a Saudi-owned newspaper reported on Monday, citing sources.OPEC ministers meet to discuss oil supply policy on Sunday in Vienna. The group has agreed to cut 4.2 million barrels per day - around five percent of global supply - since September to shore up prices.

"There is no need to speak of a new production cut as it would be enough to enhance compliance with the previous decisions," daily newpaper al-Hayat reported, citing unnamed sources.

"Saudi has informed the presidency of the organisation, which is Angola, that there must be... serious compliance with the latest reduction decision taken in December, which has prevented oil prices from falling further," the newspaper reported, citing a senior source. (Reuters)

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