Sources predict production cuts at next OPEC meeting (1.4 / million barrels per day)

BAGHDAD, OPEC and other producers will meet on Thursday and Friday at OPEC headquarters in the Austrian capital Vienna to decide whether or not to cut crude output in 2019, and independent producers, which began in early 2017.

The OPEC meeting is overshadowed by an oversupply of markets after their stability thanks to OPEC’s agreement to cut crude output by 1.8 million bpd.

“If OPEC and other Russian-led producers agree, supplies will be reduced by between 1.4 million bpd,” the source said.

“OPEC’s crude oil production has risen to record levels after production by Saudi Arabia and the UAE, as well as the Russian-led independents,” the sources said, noting that all speculation suggests OPEC and producer output will be cut by 1.4 million bpd.

Since early October, most standard raw materials have lost about a third of their market value as the market has been hit by signs of oversupply, with production in the United States, Russia and OPEC increasing as the emerging global warming problem worsens, he said.

Prices have fallen about 22% since the beginning of November, heading towards their biggest monthly loss since the peak of the global financial crisis in 2008.

Source: National Iraqi News Agency