Saudi Aramco’s Ras Tanura oil refinery and oil terminal. The 11 Opec members involved in the agreement to rein in supply have implemented 108 per cent of the reduction they announced. Image Credit: Reuters

Riyadh: Saudi Arabia’s Energy Minister Prince Abdul Aziz said his country is ready to make deeper cuts in oil output than it agreed to with other global producers, according to Nigerian Minister of State for Petroleum Resources Timipre Sylva.

“He assured me that they are very ready to even cut deeper,” Sylva told Bloomberg TV in Riyadh. Sylva said he and Prince Abdul Aziz didn’t discuss new output levels when they spoke on Monday.

Saudi Arabia is leading the Organisation of Petroleum Exporting Countries and other top producers like Russia into a collective production cut extending though the end of March. Opec and its allies are due to meet in December to discuss whether steeper cuts to oil supply will be needed to shore up prices amid a surplus and signs of weaker demand.