MOSCOW, Dec 24 (PRIME) -- Excessive oil supply can be eliminated in January–March 2019, Bloomberg reported on December 23 quoting OPEC President Suhail Al Mazrouei as saying.
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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