Saudi Arabia: OPEC+ to reach oil supply, demand balance in 2019

RIYADH, Dec 19 (PRIME) -- OPEC+ states will reach an oil supply and demand balance in 2019, Saudi Arabian Energy Minister Khalid Al-Falih told reporters on Wednesday.

“As for the fundamental factors, I can say with 100% confidence that we will reach a balance between supply and demand in 2019,” he said.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. Earlier in December 2018, the participants of the deal decided to cut production by an additional 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.

Al-Falih also said that current oil prices were a result of many non-fundamental factors, including exceptions from the U.S. sanctions against Iran and market speculations.

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