Opec cautious on prospects for 2019

The Organisation of Petroleum Exporting Countries (Opec) expects repercussions for oil demand in 2019, due to the dampening of global economic growth prospects and associated uncertainties.

“The Joint Technical Committee of Opec will continue to closely monitor the oil market conditions and will further refine the scenario analysis, based on updated data, with regard to options to 2019 production adjustments, which may require new strategies to balance the market,” a statement from Opec said yesterday.

Opec also said participating countries in the Declaration of Cooperation had achieved a conformity level of 104 per cent in October, against the set output targets.

“We have chartered a technical team to study different scenarios and come up with a proposal in December. There will definitely be no increase in production,” UAE Minister of Energy and Industry Suhail Al Mazroui said.

Saudi energy minister Khalid Al Falih said the group would continue to focus on balancing supply and moderating volatility.