In its monthly report, OPEC cut its forecast for global oil demand in 2019, keep in mind the strong competition that continues to grow at a high pace. This gives a prerequisite to extend the agreement between OPEC, Russia and other Cartel ally to reduce yield and beyond the second half of 2019.
In its monthly report, the Cartel says oil prices will average between 30.46 million barrels per day or about 130,000 barrels less than last month's forecast and below the level at the time of production.
OPEC, Russia and other non-OPEC producers formed a new union called OPEC +, which reached a 1.2 million-barrel mining deal in December, a measure that came into force in January. The initial agreement is that this pruning lasts six months.
According to sources in OPEC, the agreement may be extended beyond June if necessary. The next meeting of the group is in April and once again in June to discuss future policy and assess the state of the oil market and production performance.
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