Saudi Arabia's newly appointed energy minister said Thursday that OPEC and non-OPEC partners would consider deeper production cuts at their next full meeting.
Speaking just after the conclusion of the Joint Ministerial Monitoring Committee (JMMC) in Abu Dhabi, Prince Abdulaziz bin Salman said that the Middle East-dominated group had a clear readiness to be responsive.
His comments came at a time when OPEC and non-OPEC partners, sometimes referred to as OPEC +, have struggled to throw up crude prospects this year.
Once again questions have been raised about the group, which consists of some of the world's most powerful oil producing nations, really has such a great influence over the oil markets.
The full coalition will meet next in Vienna, Austria in early December to determine if further measures are needed to stabilize oil markets for 2020.
& # 39; A New Reality & # 39;
Abdulaziz, who replaced Khalid al-Falih as Saudi Arabia's energy minister on Sunday, described Thursday's JMMC meeting as "productive," "fruitful" and "transparent."
Abdulaziz, who sat next to his Russian counterpart, said the talks had "awakened" Riyadh and Moscow into a "new reality." [1
"I think our colleagues have welcomed this change," he added.  The Defacto leader of OPEC, Saudi Arabia and non-OPEC member Russia is the most influential members of OPEC +.
Their growing dominance came in for intense criticism earlier this year when Iran's oil ministers warned the future of the cartel was at risk if Riyadh and Moscow continued to coordinate traditional OPEC members.
Saudi Arabia and Russia both confirmed their respective commitment to the OPEC-led production decline on Thursday.
OPEC + agreed to reduce production by 1.2 mil lion barrels a day in early 2019. That agreement replaced a previous round of production cuts that began in January 2017.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman attends an Opec-JMMC meeting in UAE capital Abu Dhabi on September 12, 2019.
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