OPEC-Non-OPEC Production Cut Efforts To Help Achieve Market Stability - IEF

ABU DHABI (UrduPoint News / Sputnik - 13th January, 2019) The efforts taken by the OPEC member states and non-cartel producers to balance oil markets will help achieve market stability, Sun Xiansheng, the secretary general of the International Energy Forum, told Sputnik in an interview on Sunday.

"For this year, market is still a bit shaky, but in general I feel that by efforts of the Vienna alliance we are not too far away from market stability and the driving force is there," he said when asked if 2019 was prime time for investments in the energy industry, as suggested by United Arab Emirates Energy Minister Suhail Mazrouei.

Sun said the oil prices were expected to come back this year to the medium level of a $55 to $75 per barrel range, which will benefit both producing and consuming countries.

On December 7, participants of the OPEC-non-OPEC oil output cut deal agreed to reduce overall production by 1.2 million barrels per day starting from 2019, with a view of signing the charter on future long-term cooperation in the first quarter of 2019. OPEC member states will cut production by 800,000 barrels per day and non-OPEC countries by 400,000 barrels per day.