Austria: OPEC and non-OPEC countries to cut oil production in 2019

«In view of the current fundamentals and the consensus view of a growing imbalance in 2019, the conference decided to adjust OPEC overall production by 0.8 mln barrels per day from October 2018 levels effective as of January 2019 for an initial period of six months with a review in April 2019.» *MULTIPLE SHOTS AT SOURCE* «The conference elected His Excellency Manuel Salvador Quevedo Fernandes... Еще, people's minister of the petroleum in the Republic of Venezuela as President of the conference for one year with effect from the first of January 2019, and His Excellency Mustapha Guitouni, Algeria's Minister of Energy as alternate president for the same period.» Russian Energy Minister Aleksander Novak confirmed that OPEC, Russia, and other oil producers are going to cut production by 1.2 million barrels per day during the 5th ministerial meeting of OPEC and non-OPEC countries' press conference in Vienna, Friday. According to the new deal signed, «OPEC and non-OPEC countries combined will take a cut of around 1.2 mln barrels of [oil] production per day starting from January compared to October 2018,” Novak said. OPEC countries will cut production by 0.8 mln barrels per day, as Officer in Charge of the OPEC Public Relations and Information department Tofol Al-Nasr said. Non-OPEC countries agreed to cut production by 0.4 mln barrels per day combined. Russia is to have two per cent cut, which is estimated at 'around 228 thousand barrels [per day]', Novak stated. It will take several months due to 'climate and technological circumstances.' The deal would be valid from January 2019 for six months.

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