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OPEC+ ready to monitor oil market situation in 2H 2019, says Saudi Arabia’s minister

Earlier on Sunday a meeting of the OPEC+ technical committee was held in Baku before the ministerial monitoring committee due on March 18

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia AP Photo/Ronald Zak

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia

© AP Photo/Ronald Zak

BAKU, March 17. /TASS/. OPEC+ is ready to continue monitoring the situation on the oil market in the second half of 2019 as well, Minister of Energy, Industry and Mineral Resources Khalid al-Falih told a press conference on Sunday.

According to the minister, since the reserves are strengthening, particularly given that the US reserves remain at a high level, the joint efforts of OPEC+ will be continued until June.

Russia’s Energy Minister Alexander Novak said that countries participating in the OPEC+ agreement would discuss possible further decisions for the second half of the year regarding the crude production cut deal in May-June.

Compliance rate

OPEC+ participating countries may reach the 100% compliance rate of the crude production cut agreement already in March 2019, Minister of Energy, Industry and Mineral Resources Khalid al-Falih said.

According to the minister, the current compliance rate is around 90%. Those countries that have not reached the 100% compliance rate have assured him that their results would improve in the near future, he added.

Earlier on Sunday a meeting of the OPEC+ technical committee was held in Baku before the ministerial monitoring committee due on March 18.

In December 2018, OPEC+ countries decided to cut production by 1.2 mln barrels per day from the level of October 2018. It is planned that OPEC nations will reduce output by 800,000 barrels per day, while the remaining countries - by 400,000 barrels. In particular, Russia will cut production by 228,000 barrels per day. The deal covers the first half of 2019 and may be revised in April.

Earlier on Sunday a meeting of the OPEC+ technical committee was held in Baku before the ministerial monitoring committee due on March 18.

In December 2018, OPEC+ countries decided to cut production by 1.2 mln barrels per day from the level of October 2018. It is planned that OPEC nations will reduce output by 800,000 barrels per day, while the remaining countries - by 400,000 barrels. In particular, Russia will cut production by 228,000 barrels per day. The deal covers the first half of 2019 and may be revised in April.

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