OPEC Confirms 1.2M Bpd in Shared Output Cuts with Non-OPEC
12/07 11:25 AM
OPEC Confirms 1.2M Bpd in Shared Output Cuts with Non-OPEC CRANBURY, N.J. (DTN) -- The Organization of the Petroleum Exporting Countries in a news release this afternoon confirmed wire reports that OPEC and 10 non-OPEC oil producing countries aligned with OPEC agreed to a combined 1.2 million bpd in crude oil production cuts for a six-month duration beginning Jan. 1, 2019. The news release noted OPEC and non-OPEC reaffirmed their "Declaration of Cooperation" to balance the market and receive a "fair return on investment" first reached on Dec. 10, 2016 today. "Accordingly, the 5th OPEC and non-OPEC Ministerial Meeting, following deliberations on the immediate oil market prospects and in view of a growing imbalance between global oil supply and demand in 2019, hereby decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months," said OPEC. "The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ?Declaration of Cooperation' will correspond to 0.8 mb/d (2.5%), and 0.4 mb/d (2.0%), respectively," said OPEC. The next OPEC and non-OPEC Ministerial Meeting will convene in Vienna, Austria, in April 2019. (c) 2018 DTN. All rights reserved.