UPDATE 2-OPEC+ will ensure oil prices do not plunge again, says OPEC chief

(Adds quote, details)
By Ahmad Ghaddar and Alex Lawler
LONDON, Oct 15 - The OPEC+ alliance will ensure oil prices
do not plunge steeply again when it meets to set policy at the
end of November, OPEC's Secretary General said on Thursday,
adding that demand has been recovering more slowly than
expected.
"I want to assure you that the OPEC, non-OPEC partnership
will continue to do what it knows best, by ensuring that we
don't relapse into this almost historic plunge that we saw,"
Mohammad Barkindo said.
Barkindo was answering a question at the Energy Intelligence
Forum on whether there was room for a planned increase in oil
output from January by OPEC+, a grouping that includes OPEC
states, Russia and other allies.
"We have to be realistic that this recovery is not picking
up pace at the rate that we expected earlier in the year," he
said. "Demand itself is still looking anaemic."
A technical OPEC+ committee meeting is taking place on
Thursday to discuss compliance with oil cuts and market
fundamentals.
The group had 102% compliance with its cuts in September,
two OPEC+ sources told Reuters. Countries such as Iraq, Nigeria and the United Arab
Emirates, which had fallen short of their commitments, have been
asked to make additional cuts until the end of the year to
compensate for the shortfalls.
Barkindo said the compensation scheme was working well.
OPEC+ is due to taper production cuts by 2 million barrels
per day (bpd), from 7.7 million bpd currently, in January.
Barkindo said when OPEC+ holds its ministerial meetings on
Nov. 30 and Dec. 1 it will take stock of the whole year to
inform any decision to stay the course or amend its policy.
On Tuesday, the energy minister from the United Arab
Emirates told the same event that OPEC+ will stick to their
plans to taper oil production cuts from January.