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OPEC+ delivers an agreement – a match with our base case

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12 December 2018

OPEC+ delivers an agreement – a match with our base case

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

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    OPEC+ delivers an agreement – a match with our base case

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