Abu Dhabi (AFP)

Saudi Arabia, heavyweight OPEC, on Thursday called on oil producers in Abu Dhabi to meet their commitments to reduce production, to stabilize a market marked by a decline in the price of gold related to a climate of uncertainty.

Ryad met its December 2018 production reduction commitments by members of the Organization of Petroleum Exporting Countries (OPEC) and non-member countries, but pointed to some countries, such as Nigeria and Iraq , for their delay.

"The kingdom will continue to lower its production more than the agreement (between the producers) .This production will be 9.89 million barrels per day in October," said the new Saudi energy minister, Prince Abdel Aziz ben Salmane, at the end of the meeting of the Joint Ministerial Follow-up Committee, which brings together OPEC member and non-member countries (OPEC +).

This committee, which is responsible for monitoring compliance with the agreement, does not take decisions but must make recommendations to the ministerial meeting of OPEC +, scheduled for December in Vienna.

Before the meeting began, Prince Abdel Aziz stressed that "every country" must "respect its commitments". He said it was imperative to restore the stability of the market, marked by a decline in the price of a barrel.

Souheil al-Mazrouei, the UAE's energy minister, said on Sunday that the group would do whatever it takes to stabilize the market, adding that further cuts in production could be envisaged.

The price of a barrel of Brent is currently around 60 dollars against more than 75 dollars a year ago, after falling to 50 dollars at the end of 2018.

Thursday, oil prices were trending downward in European trade, in an uncertain market between improving Sino-US tensions and a possible appeasement between Iran and the United States.

Prince Abdel Aziz said Monday that trade tensions between China and the United States, which caused fears of a global recession, had thrown a "fog" on the oil market.

In a statement at the end of the meeting, producers emphasized compliance, saying "equality, fairness and transparency" were essential.

- gloomy prospects -

The 24 members of OPEC + decided last year to reduce production by 1.2 million barrels per day from January 2019 to push prices up, after a drop of 40% between 2014 and 2019.

Extended until March 2020, these cuts failed to raise the price to more than $ 70.

The International Energy Agency (IEA) warned on Thursday of the huge "challenge" posed by the rise in US production for the balance of the oil market, while reiterating its forecast growth in global demand.

According to the IEA, world demand will grow by 1.1 million barrels per day (mbd) in 2019 and 1.3 mbd in 2020.

On Wednesday, OPEC had slightly lowered its forecasts, against a background of global slowdown.

Demand will grow by 1.02 million barrels per day (MMBD) in 2019 and 1.02 million barrels in 2020, according to OPEC, who called for "shared responsibility" of all producing countries to ensure the stability of market, while the countries outside the cartel like the United States pump more and more.

Russian Energy Minister Alexander Novak said that OPEC producers have been successful in the past in "adapting to and responding to changing market conditions".

He stressed that producers are determined to achieve stability in the oil market.

Saudi Arabia, which pumps about a third of the group's production, has since September 8 a new Minister of Energy in the person of Prince Abdel Aziz ben Salman, half-brother of the powerful Crown Prince Mohammed ben Salman.

It is "a well-known and experienced personality," recalled the IEA.

© 2019 AFP