12:28 - 22.11.2019

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November 22, Fineko/abc.az. OPEC and partners (OPEC+) may decide to continue oil production cuts in December.

It is reported that currently the attention of the oil market is focused on the meeting of OPEC+ countries to be held earlier next month. OPEC is not going to cut production further because the political crisis in some cartel member countries poses a threat to supplies.

And opinions differ on whether OPEC and non-OPEC countries will cut oil production. According to a group of analysts, OPEC will assess a further decline in production at the December’s meeting.

According to experts, further non-deepening of the OPEC+ coalition in oil production will create an abundance of supplies in the market, as a result, the price of Brent crude oil may rise by about 30%.

The 177th meeting of the OPEC Ministers Council will be held in Vienna, Austria on 5 December. The 17th meeting of the Joint Monitoring Committee of OPEC & non-OPEC Ministers (JMMC) will be held in Vienna on 4 December.