At OPEC+’s joint ministerial monitoring committee (JMMC) teleconference on Thursday, the group continued to push its 13 member states to improve compliance with decisions to cut oil output. The panel did not recommend changes to its current output reduction target of 7.7 million barrels per day (bpd), approximately 8% of global demand, but did demand members follow its guidelines. Rising COVID-19 cases in many countries, the group noted, may curb energy demand and add to global economic uncertainties. Addressing oil traders at a press conference, Saudi Energy Minister Prince Abdulaziz bin Salman commented, “Anyone who thinks they will get a word from me on what we will do next, is absolutely living in a ‘La La Land… I’m going to make sure whoever gambles on this market will be [hurting] like hell.” In addition, he warned them: “Make my day,” referencing the hard-nosed policeman, ‘Dirty Harry,’ played in a string of movies by Hollywood star Clint Eastwood.
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