OPEC considers crackdown on output deal laggards ST. PETERSBURG--The Organization of the Petroleum Exporting Countries and big oil-producing allies made a rare acknowledgment on Monday: They are part of the reason oil prices are low.
Until now, OPEC had largely blamed U.S. shale drillers for low prices, saying American producers ramped up output as the cartel carried out a cut. But on Monday, OPEC officials said they were looking inward and contemplating a crackdown on countries that aren't keeping their promises to cut output.
Saudi Arabia, the world's top oil exporter, announced it would go further than cutting its production and would also limit its exports at 6.6 million barrels a day. Energy minister Khalid al-Falih said he wanted other countries to follow suit, noting troubling figures that showed some countries were still exporting huge amounts of oil.
OPEC also secured production commitment from Nigeria, a cartel member exempted from last year's deal among OPEC and 10 non-OPEC producers to withhold nearly 2% of global oil supply from the market.