Saudi Minister of Energy, Khaled to FalehShe convinced me Organization of exporting countries (OPEC) and its allies have agreed to reduce oil supplies in 2019 to about one million barrels per day to balance the market.
"The technical analysis we reviewed yesterday shows that we need to cut around one million barrels a day to balance the market," he said. Faleh.
(Read also: Ministers from Venezuela and Saudi Arabia held a meeting to strengthen and stabilize the oil market)
Faleh on Sunday announced that the Saudi kingdom would cut its own production, at the margins of the meeting of the board of ministers monitoring the oil production of the largest producers, among them Russia and (OPEC). This would result in a decrease in exports in December 2018 500,000 barrels per day, compared to November.
"OPEC may need to cut production, because oil could be seen next year," Faleh said.
Though he did not make a recommendation in this regard, the ministerial committee coincided with the analysis of the Saudi minister. In the statement, he said he expects to increase global oil production in 2019, and that slowdown in global growth could affect demand.
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