Russian Energy Minister Alexander Novak plans to hold a meeting with representatives of Russian oil-producing companies on Thursday in order to discuss with them the future actions as part of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers' deal on oil production cuts, a source in the oil industry told Sputnik Wednesday.
MOSCOW (Pakistan Point News / Sputnik - 07th November, 2018) Russian Energy Minister Alexander Novak plans to hold a meeting with representatives of Russian oil-producing companies on Thursday in order to discuss with them the future actions as part of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers' deal on oil production cuts, a source in the oil industry told Sputnik Wednesday.
"Such a meeting is planned for [Thursday]," the source said, answering a relevant question.
The meeting will be held in anticipation of the meeting of the OPEC-Non-OPEC Joint Ministerial Monitoring Committee, which will be held in Abu Dhabi on November 11. It is planned that the meeting participants will exchange views regarding the implementation of the deal in 2019, including the possible reduction of oil production in the coming year.
In 2016, OPEC and several non-OPEC oil producers agreed to cut output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. The agreement, which came into effect in 2017, has been extended twice since then and will remain in force until the end of 2018. In June 2018, OPEC-Non-OPEC has set a target to avoid exceeding the agreement's terms.
In September, Saudi Energy Minister Khalid Falih said that oil producers expected that supply will outstrip demand on the oil market in 2019 and were considering the return to oil production cuts.
