Saudi Energy Minister Khalid al-Falih asserted that U.S. and Chinese markets would be the primary drivers of robust global oil demand in 2019, while emphasizing no immediate adjustments to OPEC+ production strategies are warranted ahead of the group's April meeting.
OPEC+ officials are scheduled to convene in Vienna on April 17-18, with a subsequent session planned for June 25-26. The alliance, comprising OPEC members, Russia, and other non-OPEC producers, initiated new supply reductions on January 1 to prevent oversupply pressures that could depress prices.
The agreement involves a collective cut of 1.2 million barrels per day for six months. OPEC nations are responsible for 800,000 barrels of this reduction, with 11 member states participating—excluding Iran, Libya, and Venezuela. The production baseline for these cuts is based on output levels recorded in October 2018.
Reuters reported the developments, with Nidhi Verma as the lead correspondent and Kirsten Donovan as the editor.
