The monitoring Committee of the OPEC+ recommended to cut oil production

© AP Photo / Hasan JamaliДобыча oil. Archival photoThe monitoring Committee of the OPEC+ recommended to cut oil production© AP Photo / Hasan Jamali

Ministerial monitoring Committee of OPEC+ recommended the reduction of oil production by the parties to the transaction, but no specific amount of reduction in 2019, said the oil Minister of Oman Mohammed Hamad al-Rumhi.

«Reduction Yes (recommend — ed), but we did not discuss specific numbers,» — he answered a question, recommend whether the Committee reduced production Alliance. On the specifying question of, whether they have reached agreement on country-specific amount of al Rumhi replied, «not Yet.»

In Vienna on 5 December, a meeting of the Ministerial monitoring Committee of OPEC+, which should make for countries-participants of the transaction recommendation about whether and how much to cut oil production to balance the market. Thursday, December 6, the recommendation will discuss the OPEC conference, and then, on December 7, all OPEC countries+.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016. The contract started from the beginning of 2017 and has been extended until the end of 2018. In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the terms of the agreement, which then accounted for 47%. Recently traders talking about the risk of oversupply of the commodity on the market in 2019. It may encourage OPEC to return to the reduction of oil production.

The monitoring Committee of the OPEC+ recommended to cut oil production© Infographicsrussia forces in the world oil market

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