OPEC-Non-OPEC Deal Parties Expect Oil Surplus In 2019, May Resume Cuts - Saudi Minister

The Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers, which met on Sunday in Algiers, expect a surplus in the world oil market in 2019 and may return to production cuts, Saudi Energy Minister Khalid Falih said.

MOSCOW (UrduPoint News / Sputnik - 24th September, 2018) The Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers, which met on Sunday in Algiers, expect a surplus in the world oil market in 2019 and may return to production cuts, Saudi Energy Minister Khalid Falih said.

"We expect a surplus in 2019, we may have to return to the reduction. We hope that we will be able to apply measures to balance the market," Falih told the Rossiya 24 broadcaster.

During the press conference following the meeting of the Joint Ministerial Monitoring Committee (JMMC), Falih said that it was too early to talk about specific actions for 2019.

The Saudi minister also stressed that OPEC-non-OPEC states were ready to respond adequately and quickly to any possible change in oil supply in order to keep the market balanced, boosting or reducing production when needed.

In 2016, OPEC and a number of non-cartel oil producers agreed to cut oil production by 1.8 million barrels per day. The deal came into effect in 2017 and has since been extended until the end of 2018.

During Sunday's JMMC meeting, the countries agreed to strive for a 100-percent compliance with the Vienna agreement in the coming months.