The OPEC and non-OPEC Joint Ministerial Monitoring Committee that met in Abu Dhabi on Sunday said they see greater supply than demand in 2019, but did not take any coordinated action to cut output.

"The Committee reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements, taking into account current uncertainties," the OPEC said in a statement in which it did not announce any joint production cut decision.

"The Committee also noted that the dampening of global economic growth prospects, in addition to associated uncertainties, could have repercussions for global oil demand in 2019 -- and could lead to widening the gap between supply and demand," it added.

It did not announce any coordinated production cut but "to continue closely monitoring oil market conditions and further refine the scenario analysis based on updated data," according to OPEC.

Saudi Arabia's Energy Minister Khalid Al-Falih said at the meeting that "there is no consensus" among oil producers about cutting production, the Saudi Gazette reported. He said it was "premature" to talk about a specific joint action and that all factors will be studied.

He also said that Saudi Arabia plans to reduced oil exports by half a million barrels a day in December compared with November. Saudi Arabia had produced 10.7 million barrels per day since October.

The meeting occurred after sharp reductions in crude oil prices that saw declines in Brent crude oil prices from a peak of $86 per barrel in early October down to $70.18 per barrel on Friday.

The meeting took place in advance of ADIPEC 2018, a Nov. 12-15 event in Abu Dhabi where ministers from producing countries and trade officials will attend.

The next meeting of the OPEC and non-OPEC Joint Ministerial Monitoring Committee is scheduled to take place on December 5 in Vienna.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Saudi Aramco, Chinese researchers to pursue ultra-low emission fuels
Washington (UPI) Nov 9, 2018
Saudi Aramco, which has one of the biggest crude oil production operations and reserves in the world, said Friday it has teamed up with Chinese researchers, a company that builds diesel and natural gas engines, and a petrochemicals company to study ways to lower emissions. The partnership with Tsinghua University, FAW Jiefang Automotive Wuxi Diesel Works, and Shandong Chambroad Petrochemicals Company aims "to develop advanced fuel and engine technologies to reduce emissions," Saudi Aramco said. ... read more