Oil Countries Want to Develop 'New Strategies' for Managing Supernals News | DW



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At a meeting of OPEC member countries and other organizations in Abu Dhabi, producers said that by 2019 production growth would be greater than global demand, they would study "the potential for production verification may require new strategies to balance the market".

Saudi Arabia announced on Sunday (November 11, 2018) that it would reduce its daily oil industry by 500,000 barrels in December, when oil operators in Abu Dhabi explore the possibility of returning to crude production.

"The state cut its exports by 500,000 barrels in December compared to November," Saudi Energy Minister Khalid Al-Falih told reporters before the start of Abu Dhabi's meeting.

He pointed out that the UK has produced 10.7 million barrels of oil a day since October, spending about three million of them at home and spending the rest abroad.

Al-Falih announced a reduction in exports, although he stressed that there is still no agreement on the "reduction" of raw materials between the oil producing countries.

"It is too early to talk about a particular traffic," he said in response to the question of the possibility of curbing production to stop the fall in prices. "We have to take into account all the factors."

Oil producers will hold a meeting in Abu Dhabi exploring the possibility of returning to curb raw material production, while price increases are now fueling the collapse of fear in 2014.

The oil ministers of Russia, Saudi Arabia, Kuwait, Venezuela and the United Arab Emirates attend the meeting. Abu Dhabi is not expected to make a decision but rather recommendations before the OPEC meeting in Vienna.

Oil prices between some of the major production growth in the major countries and the fears of just demand fell by about twenty percent per month to four years high at the beginning of October.

M.o.m / d. B (AFP, Reuters)

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