OPEC oil ministers meet in Vienna

OPEC oil ministers started the 174th Meeting of the OPEC Conference in Vienna on Friday mainly to reviews output policies amid predictions of a rise by two million barrels a day.

OPEC and non-OPEC producers are forecast to inject at least two million barrels of oil per day into the world oil market upon request from major consumers, chiefly China, OPEC ministers told KUNA.

The expected move mainly aims at ensuring stable prices and fending off oil supply shortage and relevant reflections on the market and prices, they said.

Russia, a non-OPEC producer, suggests an output hike of 1.5 million barrels per day, Russian Oil Minister Alexander Novak said.

On his part, Saudi Minister of Energy Khaled Al-Faleh said the world needs at least two extra millions of barrels per day so as to avert looming shortage in the second half of 2018. OPEC, and non-OPEC producers, with Russia on top, agreed in late 2016 to cut output by 1.8 million barrels daily to stabilize the world oil markets. A six-month agreement came into effect on January 1, 2017, and was later extended for nine months as of July 1, 2017.

The Joint Ministerial Monitoring Committee (JMMC) said during a meeting that commitment to the deal hit a record, 152 percent.

It said in a recent report that OPEC and non-OPEC countries had started 2018 with an outstanding conformity level with their voluntary production adjustments.

Source: Kuwait News Agency