Global Oil & Gas: OPEC hopes to ease production cuts in 2019

OILLLLLSaudi oil minister Khalid al-Falih said that he hopes that OPEC can relax the production limits next year, while putting in place a more permanent framework for cooperation between OPEC and the non-OPEC countries that are participating in the deal.

“A study is taking place and once we know exactly what balancing the market will entail we will announce what is the next step. The next step may be easing of the production constraints,” al-Falih told reporters in New Delhi.

“My estimation is that it will happen sometime in 2019. But we don’t know when and we don’t know how.” He went on to add that a longstanding cooperative agreement is a priority.

“What we want is an evergreen framework that brings producers from OPEC and non-OPEC (countries) together in a market monitoring fashion that allows us to take quick decisions,” he said.

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