“Engaging people as equal, ensuring that people do understand that the lack of conformity and lack of commitment would undermine … the credibility of this agreement to the market…Therefore the market, instead of rewarding us, it would actually penalize, and the more it penalizes, the less the others who are in conformity with it would see the point of continuing control, and then all of this will cascade down to nothing.”
-Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, in response to a question about how OPEC+ has ensured high compliance with production quotas. [Reuters]
