OPEC+ To Discuss Quotas For Oil Output Cuts On Friday - Novak

VIENNA (Pakistan Point News / Sputnik - 06th December, 2019) OPEC+ countries will discuss the allocation of quotas on reduction of oil production during a ministerial meeting on December 6, Russian Energy Minister Alexander Novak said Thursday.

"We will discuss the allocation of quotas tomorrow at a meeting of ministers. Today, I think, they are discussing this issue inside OPEC," Novak told reporters in Vienna.

The minister declined to comment on possible scenarios.

OPEC+ has been reducing oil production since 2017 to counter oversupply on the global market caused by a recent boom in oil output in the United States.The current version of the OPEC+ oil output cut deal, which will be in force until march 2020, expects parties to reduce overall oil output by 1.2 million barrels per day (bpd) compared to October 2018 levels.

Russia has committed to reduce oil production under the deal by 228,000 bpd.