OPEC+ countries decided to reduce oil production until 2019

The Organization of Petroleum Exporting Countries and Non-Cartel Countries (OPEC+) has left unchanged the decision to extend the deal to reduce oil production until 2019, TASS reports .

“The main conclusion of today’s meeting is that we reaffirm the need for and commitment to the agreements that were reached on November 29-30 for the entire period of 2018,” said Russian Energy Minister Alexander Novak.

The market, Novak noted, has not yet reached a balance between supply and demand for oil. According to him, average oil prices in 2017 were 30% higher than a year earlier.

Recall that in 2016, OPEC members for the first time in eight years agreed to cut production by 1.2 million barrels of oil per day to 32.5 million barrels. In addition, Russia decided to support the decision of OPEC and cut oil production by 300,000 barrels per day.