OPEC: Non-OPEC members to cut output by 0.5 mbp - report

Economy 12/6/2018, 9:29 PM
OPEC: Non-OPEC members to cut output by 0.5 mbp - report

Organization of the Petroleum Exporting Countries (OPEC) will suggest to other global oil producers led by Russia outside the cartel to cap its production by 0.5 million barrels per day, TASS reported on Thursday citing people familiar with the matter. According to the report, the organization's ministers agreed to implement output cuts of around 1 million barrels per day.

"If OPEC cuts by 1 mln barrels and this is what we discussed, then non-OPEC should reduce by 0.5 mln. If OPEC slashes by 900,000 barrels, then non-OPEC should reduce by 450,000 [barrels]," the source noted.

Meanwhile, Omani Oil Minister Mohammed bin Hamad Al Rumhy said that the cartel will propose that the OPEC+ Joint Ministerial Monitoring Committee (JMMC) should meet once a year if the output cut agreement is reached tomorrow.

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