Insight
OPEC+ delivers an agreement – a match with our base case
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The 7 December 2018 OPEC+ agreement puts in place a 1.2 million b/d production cut for six months. The terms will be reviewed at a full meeting in April. In our current supply and demand forecast, released ahead of the OPEC+ meeting, we assumed OPEC+ would reduce production by 1.2 million b/d by April, or an average of 1.0 million b/d for H1 2019. OPEC is aiming for a reduction of 0.8 million b/d and non-OPEC 0.4 million b/d. At the meeting, Energy Minister Novak said Russia's production will meet its reduction over a few months.
Table of contents
- Saudi Energy Minister seeks to ease US concerns
- Qatar sends a clear message
- Saudi Arabia says its output is falling already
- Russia starts reducing its output in January
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Q3 2025 pre-FID project tracker: Majors top-up project pipeline despite capital discipline
Our Q3 2025 outlook for global pre-FID upstream projects.
$6,750
Insight
Fuel for flight: aviation's path to 2050
Exploring the role of SAF in the decarbonisation of the aviation sector
$900
Insight
Thrive, not survive, in the cutthroat Asian refining and oils market
Takeaways from Wood Mackenzie APPEC Briefing 2025 in Singapore
$900
