Following a meeting on Thursday, the OPEC+ Monitoring Committee recommended an additional reduction in production by 500,000 barrels per day (bpd) during the first quarter of 2020 in the framework of the oil output cut deal, Russian Energy Minister Alexander Novak told reporters
VIENNA (Pakistan Point News / Sputnik - 05th December, 2019) Following a meeting on Thursday, the OPEC+ Monitoring Committee recommended an additional reduction in production by 500,000 barrels per day (bpd) during the first quarter of 2020 in the framework of the oil output cut deal, Russian Energy Minister Alexander Novak told reporters.The current reduction level agreed by OPEC+ is 1.2 million bpd.
"Given the forecast for the development of the market situation and the decline in demand, it was also recommended to consider during the first quarter at an OPEC meeting, and at the ministerial meeting tomorrow, an additional overall production cut by about 500,000 bpd in the first quarter of 2020," Novak said.
