Vagit Alekperov: it’s too early to talk about reduction of oil production in 2019


November 12, Fineko/abc.az. It is too early to talk about possible reduction of oil production within OPEC+ in 2019.

The statement was made to RIA Novosti by LUKOIL’s head Vagit Alekperov.

The OPEC+ Ministerial Monitoring Committee held a meeting in Abu Dhabi on Sunday. The participants noted the threat of possible oversupply in the oil market in 2019, but have not yet recommended a reduction in production, and decided to continue monitoring the market.

Asked how he assesses the possible reduction in oil production within OPEC+ in 2019, Alekperov said: "I think it’s too early to talk about it. The price of oil is quite high".

"The arrangement (between the OPEC+ countries) has remained — it is very important. It is possible to monitor the market. We support OPEC+ actions," he added.

OPEC and a number of non-member countries (OPEC+) agreed in Vienna at the end of 2016 to reduce oil production by 1.8 million bpd from the level of October 2016, out of which 300,000 accounted for Russia. The agreement started from the beginning of 2017 and was extended until the end of 2018. In June 2018 OPEC+ agreed on the goal to avoid overfulfilling the terms of the agreement, which then made up 47%.