ZCZC
BCN-12
RUSSIA-OPEC-OIL-PRODUCTION
Russia, OPEC to discuss production cut in 2019 in Abu Dhabi
ABU DHABI, Nov 12, 2018 (BSS/TASS) – Ministers of oil producing countries
can discuss the oil production cut at the Joint Ministerial Monitoring
Committee meeting on Sunday.
The eleventh session of JMMC will be held in the situation of the highest
uncertainty on the oil market during the last two years. US sanctions against
Iran, the third largest oil producer in OPEC, became effective on November 5.
At the same time, slowdown of economic growth rates and the decline of oil
demand as a consequence are not excluded. These developments will take place
against the background of continuing oil production growth in the United
States.
It was reported earlier that the performance level of the OPEC+ oil
production capping deal was 104% in October.
OPEC+ agreement participants made the decision to return the deal
performance level from 150% to 100% from July, which actually means the need
to increase oil production by 1 mln barrels per day. However, this target has
not yet been reached due to a strong decline in oil production in certain
OPEC countries. Production is mainly increased by Russia, Saudi Arabia, and
the UAE.
Russia has increased its oil production by 400,000 barrels per day within
the framework of this decision, although it slashed production by 300,000
barrels daily within the framework of the original arrangements.
BSS/TASS/HR/1110