Saudi Arabia admitted the need for a decrease in oil output in 2019

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Saudi Arabia admitted the need for a decrease in oil output in 2019Saudi Arabia can reduce oil output in 2019, Energy Minister Khalid Al-Falih said.

According to him, Riyadh can reduce daily production in December by 500,000 barrels as compared to November in response to other manufacturers’ requests about it. Khalid Al-Fatih made this statement despite the fact that so far OPEC+ has not announced any changes in oil production.

Five days earlier, Iran called Saudi Arabia and Russia for reducing daily oil production to 1 million barrels, because its prices fell by $15 due to the increase in production rates.

OPEC and other major exporters decided to increase oil output by 1 million barrels for six months at the summit in June 2018. The initiative was proposed by Moscow and Riyadh. Prior to that, the 2016 OPEC+ agreement was in effect, according to which production declined totally by 1.8 million barrels per day. The agreement was prolonged twice; the deadline was the end of 2018.

On November 5, amid the introduction of a new package of US sanctions against Iran, which, in particular, restricted the purchase of Iranian oil, the price of Brent crude dropped below $72 a barrel.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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