BP CEO: Global oil market to become balanced in Jan–March

DAVOS, Jan 23 (PRIME) -- The global oil market is to become balanced sometime in January–March, British oil and gas giant BP CEO Robert Dudley told PRIME on Wednesday on the sidelines of the World Economic Forum.

OPEC+ states will be able to prolong an oil production cut agreement only after the first quarter, it is too early yet to make any forecasts, he also said.

In November 2016, OPEC and non-OPEC states including Russia agreed to reduce their oil output to rebalance the market, then raised the production quotas. In December 2018, the participants of the deal decided to cut production again by 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018.

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