Saudi prince’s oil diplomacy makes mark at Opec+ meeting debut

Since the launch of its strategy to revive global oil markets three years ago, one of the biggest challenges faced by OPEC and its allies is that not all the producers have pulled their weight. In the subtle diplomacy of Saudi Arabia’s new energy minister, they may at last have found a solution.

Oil prices have slid about 16% from a high in April this year even as the 24-nation coalition has cut production to check the glut threatened by faltering demand and surging U.S. shale oil. A big part of their struggle has been that some producers in the accord, most notably Iraq and Nigeria, have ramped up output rather than reduced it as promised.

A meeting of the group in Abu Dhabi on Thursday signaled they intend to turn the page. Officials from both errant countries addressed its closing press conference with solemn assurances they will meet their commitments in full.