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OPEC+ delivers an agreement – a match with our base case
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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
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