• Saudi Arabia’s King Salman said the OPEC+ production agreement was “essential” to oil market stability and stressed the need for producers to comply with the pact.

Reuters carried the comments:

• “The Kingdom … confirms its keenness for the continuation of the OPEC+ agreement due to its essential role in oil market stability and also stresses the importance of compliance by all participating countries with the agreement,”

The Organization of the Petroleum Exporting Countries and allies (is OPEC+, the group includes Russia). At the December meeting the group agreed to hold to their existing policy of monthly oil output increases. The meeting pon Jan 4 will be a highlight for markets in the first week of the new year.