Report: OPEC+ mulls oil output cut by up to 1.4 mln bpd in 2019

MOSCOW, Nov 14 (PRIME) -- OPEC and non-member participants of the deal to reduce oil production are discussing an output cut by up to 1.4 million barrels per day in 2019, Reuters news agency reported on Wednesday citing three sources familiar with the situation.

“A supply cut of up to 1.4 million barrels per day was one of the options discussed by energy ministers from Saudi Arabia, non-OPEC Russia and other nations at a meeting in Abu Dhabi on November 11,” it said.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

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