"OPEC" hints at implementing a reduction in oil production next year
08:30 - 12/11/2018
Information / Baghdad ..
The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohamed Barkindo hinted on Sunday that OPEC and its producers could cut production of crude oil next year.
In the UAE capital Abu Dhabi, earlier in the day, the meeting of the Joint Ministerial Committee to monitor the reduction of production, concluded the evening.
The ministerial committee to oversee the cut production agreement consists of Kuwait, Russia, Oman, Venezuela and Algeria.
"The final decision on whether or not to cut oil production in 2019 will be decided at the next meeting of the Organization in the Austrian capital of Vienna on December 5, 2018," Barkindo told a news conference after the meeting.
Next month, the cut-off agreement between FAO countries and two independent producers led by Russia expires in January 2017.
"Some doubts about growth and other factors will affect the volume of global demand for crude next year, which leads to an increase in the gap between supply and demand, while our efforts are narrowing that gap," he said.
For his part, Saudi Energy Minister Khalid al-Faleh predicted the possibility of a deluge in the supply of crude oil during the next year 2019, saying that "OPEC may need to implement a reduction in production."
"We want to have the minimum stockpiles next year," he said.
Al-Falih said that the Saudi oil production during the current month will increase from October's production (10.7 million barrels, the average production of October).