15:50 - 6.12.2019

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December 6, Fineko/abc.az. No decisions were made at the 177th meeting of the OPEC Council of Ministers in Vienna, the capital of Austria.

It is reported that the meeting discussed issues of global oil supplies and low demand. The meeting, which was attended by energy and oil Ministers from 14 OPEC member countries, failed to make a final decision on whether to extend the current agreement to reduce oil production or increase production restrictions.

In an interview with reporters after the meeting, Saudi energy Minister Abdulaziz bin Salman bin Abdulaziz al Saud said it would be wrong to make a decision without exchanging views with non-OPEC representatives. He also noted that OPEC members have come to a definite agreement.

It should be noted that yesterday, after the 17th meeting of the Joint monitoring Committee of Ministers of OPEC and non-OPEC countries (JMMC), Russian energy Minister Alexander Novak proposed to further reduce OPEC oil production by 500 thousand barrels per day.

Today will be the 7th meeting of Ministers of OPEC and non-OPEC countries ("OPEC +"), followed by a press conference. Energy Minister Parviz Shahbazov will take part in the meeting.

Recall that in December last year, OPEC member countries decided to reduce oil production by an average of 800 thousand barrels per day, 500 thousand barrels of this volume was perceived by Saudi Arabia.

Under the agreement, non-OPEC countries agreed to cut oil production by an average of 400,000 barrels per day, and Russia took responsibility for 228,000 barrels of that volume.