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Full compliance with agreed oil output cuts remains the core of OPEC’s collective efforts, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said on Thursday, as reported by Reuters.

“Overproduction damages OPEC’s reputation,” the minister added. “All compensations for overproduction should be completed before year-end.”

Market reaction

Crude oil prices showed no significant reaction to these remarks. As of writing, the barrel of West Texas Intermediate (WTI), which rose above $40 earlier in the day, was trading at $39.82, losing 0.8% on a daily basis.