Insight
OPEC+ delivers an agreement – a match with our base case
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The 7 December 2018 OPEC+ agreement puts in place a 1.2 million b/d production cut for six months. The terms will be reviewed at a full meeting in April. In our current supply and demand forecast, released ahead of the OPEC+ meeting, we assumed OPEC+ would reduce production by 1.2 million b/d by April, or an average of 1.0 million b/d for H1 2019. OPEC is aiming for a reduction of 0.8 million b/d and non-OPEC 0.4 million b/d. At the meeting, Energy Minister Novak said Russia's production will meet its reduction over a few months.
Table of contents
- Saudi Energy Minister seeks to ease US concerns
- Qatar sends a clear message
- Saudi Arabia says its output is falling already
- Russia starts reducing its output in January
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - February 2025
Minor changes to our forecast despite additional Russia sanctions and Trump’s Executive Orders in the US
$1,350
Country Report
Global copper mine cost summary
Click through to access a wealth of data from Wood Mackenzie's latest analysis of global copper mining sector.
$6,750
Insight
The energy transition outlook for lithium 2024
Lithium is essential to support electrification, driving its demand in all energy transition scenarios
$10,000
