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A meeting of the oil production control committee will be held in Abu Dhabi on Sunday
A meeting of the oil production control committee, composed of OPEC countries and independent producers, will take place in the UAE capital Abu Dhabi later Sunday.
The meeting comes to discuss the results of the production reduction agreement and the need to pump more crude into the global market or reduce it.
The Ministerial Committee for Monitoring the Production Reduction Agreement consists of: Kuwait, Russia, Oman, Venezuela and Algeria.
OPEC members and independent producers started in early 2017 an agreement to cut output by 1.8 million barrels per day, which was cut to 1.2 million barrels from July, with the agreement ending in December.
Last week, Kuwaiti Oil Minister Bukhit Al-Rashidi announced that the meeting would review the markets and their needs for more crude oil.
In the same week, the Russian news agency Tass quoted unnamed sources as saying there were Saudi-Russian consultations to discuss reducing oil production in 2019.
The price of oil currently hovering at $ 72 for Brent crude, down from the highest level in 2018, recorded in October last, $ 86 per barrel.
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