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World oil prices

OPEC+ monitoring committee recommends oil production cut in first half of 2019

Oman's Oil and Gas Minister Mohammed bin Hamad Al Rumhy said countries participating in the OPEC+ agreement can reduce oil production by 1 mln barrels per day

© Yegor Aleyev/TASS

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World Bank projects oil price spikes in 2019 due to low spare capacity among OPEC members

VIENNA, November 30. /TASS/. The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ recommended an oil production cut in the first half of 2019. The amount to be slashed will be discussed at meetings in the next two days, Oil and Gas Minister of Oman Mohammed bin Hamad Al Rumhy told reporters on Wednesday.

"I think the six-month agreement will hopefully be achieved by the end of the week," the minister said in response to a question on how long oil production lwill be limited.

The JMMC has not discussed a specific volume of the production cut at the meeting, Al Rumhy said. "We just agreed on the reduction," he said. "Actually, the level of reduction will be discussed in the next two days," the minister added.

Countries participating in the OPEC+ agreement can reduce oil production by 1 mln barrels per day, Al Rumhy said. OPEC+ ministers unanimously stated the need for production cuts, he added.

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