OPEC should reduce oil production to stop the market being oversupplied in 2019, its main advisory board reportedly recommended in a confidential meeting. The recommendation is to cut output by 1.36 million barrels per day (bpd) from the October 2018 level of 32.9 million bpd to ensure balance in supply and demand. OPEC ministers are not obligated to follow the board’s advice and do not always do so. The recommendation will first be discussed by a smaller senior committee in Vienna on 5 December and then go before a full ministerial meeting and later to OPEC and non-OPEC ministers.
OPEC should reduce oil production to stop the market being oversupplied in 2019, its main advisory board reportedly recommended in a confidential meeting. The recommendation is to cut output by 1.3 million barrels per day (bpd) from the October 2018 level of 32.9 million bpd to ensure balance in supply and demand. OPEC ministers are not obligated to follow the board’s advice and do not always do so. The recommendation will first be discussed by a smaller senior committee in Vienna on 5 December and then go before a full ministerial meeting and later to OPEC and non-OPEC ministers.