Baku, Azerbaijan, March 15
By Leman Zeynalova – Trend:
OPEC calls on oil producers to continue to support oil market stability in 2019, Trend reports citing the OPEC Monthly Oil Market Report.
“While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year. This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil market stability in 2019,” reads the report.
OPEC members and non-OPEC countries participating in the oil production cut deal will meet on March 17-18 in Baku, Azerbaijan, to review output curbs they’ve been implementing to avert a supply glut and defend oil prices. The agreement is due to expire at the middle of the year.
On December 7, 2018, an agreement was reached at the fifth ministerial meeting of the non-OPEC member and non-OPEC countries in Vienna to cut daily oil production by 1.2 million barrels.
Follow the author on Twitter: @Lyaman_Zeyn