Minister of Energy, Industry and Mineral Resources Haled Al-Falij said Saudi Arabia would reduce its daily oil deliveries by 500,000 barrels per day compared to November.
Al-Falek said the Saudi Arabian Oil Exporting Countries Organization (OECD) and its allies held a meeting in Abu Dhabi on Sunday, saying that the Kingdom will reduce exports compared to November, starting from October 10.7 in Saudi Arabia. One million barrels a day.
"It is clear that the oil market's morale will be shifted and the oil world needs the responsible producers," he said. "We have to continue to deliver a good oil market.
The technical committee, which represents the Alliance, predicts that the global oil surplus will come back in 2019, if the current level of continuity continues.
During yesterday's meeting, Saudi Arabia announced that OPEC production and oil allies would be fined $ 1 million. They discussed the proposal to cut down to Barrel.
Russian Petroleum Minister Alexander Novak: "The shortage of oil in the coming months depends on seasonal factors," said the oil market balanced. The claim can be higher than the supply by mid-2019. «
Russia's energy minister said the country could be flexible in its decision-making on oil-based markets.
Venezuelan Oil Minister Manuel Kevedes said he expects to boost oil production in the next year, but OPEC respects any new agreement it has decided to cut production next month.
He pointed out that Venezuela's oil production is 1.5 million barrels per day. In Abu Dhabi, he told reporters, "Caracas seeks to increase crude oil production by one million barrels per day."
"His country, in the heaviest economic crisis, compensates for and repays its debt," said Chevron, adding that the issue is the US government.
Most OPEC members and OPEC oil exporters support the reduction of global supply of raw materials, "said Oman Oil Minister Mohammed Al-Rumi.
Omani said that "we see most of it," he said, "I think it's not right to give figures at the moment," he said, cutting 500,000 or one million barrels per day.
Omar said Rami is not a member of the Organization of Petroleum Exporting Countries.
In turn, the OPEC Kuwait's governor believes that the increasing demand for oil is a sign that OPEC does not compete with all crude oil producers and OPEC countries in the American oil industry.
The US has imposed sanctions on Iranian oil exports this month to end Iran's nuclear and missile programs.
Saudi Arabia, Russia, Kuwait and Iraq have increased crude oil production, as the US has increased oil production.
"The decline in oil prices is largely due to the decline in demand in China due to the large imports of black gold, as growth rates slow down," said Kyleen Birch, Economist Intelligence Unit analyst.
Taking into account the US sanctions, the three largest oil producers in the world, Moscow and Riyadh, can reduce the volume of Iranian oil exports by amending the agreement on reduction of production volumes.
In December 2016, apart from the oil exporting countries, Saudi Arabia and other oil producers from oil exporting countries (OPEC) have signed an agreement to cut black gold production.
Riyadh may be up to 9.9 million per day in May. Oil extraction from Barrels amounts to $ 10.7 million. Increased to barrel.
Experts of Commerzbank Group believe that, if the producers do not demonstrate their intentions to resume the latest uprising in the industry, then the price of oil can go down further.
In the end of October, Iran began selling oil to private companies, trying to avoid sanctions on its part.
Raw material trade is controlled by the state in Iran, while oil refiners can export crude oil, but only oil products.