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Home Maritime

OPEC to slash output by 43.874 mbpd in 2019

Business 360 by Business 360
January 18, 2019
in Maritime
0
OPEC to slash output by 43.874 mbpd in 2019

The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, will slash their crude output by 1.195 million barrels per day (bpd) to 43.874 million bpd in the first half of 2019.

The world’s oil cartel said Friday that this is part of its production-cutting deal and called on participating countries to redouble efforts for supply adjustments to ensure oil markets remain in balance in 2019.

OPEC noted that the production adjustment will be monitored by the Joint Ministerial Monitoring Committee (JMMC) on a monthly basis.

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