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The main news of the past week is the prolongation of the OPEC deal at a meeting in Vienna.

The oil-producing countries have agreed to extend the agreement to reduce oil production by nine months. After several weeks of discussion, struggle, global pressure and hype in the media, the cartel and Russia confirmed that the world oil market still needs support. Having decided to extend the OPEC + agreement for 9 months, OPEC continues to head for the stabilization and balancing of the oil market. Since the previous OPEC conference in December 2018, the market situation remains volatile.

The forecast growth in oil demand in 2019 was revised downwards and now stands at 1.14 million barrels per day, while supply from non-OPEC countries in 2019 is expected to grow at a steady rate of 2.14 million barrels per day on an annualized basis. In the face of growing uncertainties associated with current trade negotiations, the development of monetary policy, and geopolitical problems, the decision to extend the OPEC + agreement is in the interests of producers, consumers, and a healthy global economy. The OPEC + Agreement is extended with the existing quotas for oil production approved in December 2018.

Thus, the OPEC + agreement has the following parameters:
- the volume of cuts in oil production - by 1.2 million barrels per day,
- the volume of oil production cuts for OPEC countries - by 800 thousand barrels per day,
- the volume of oil production cuts for non-OPEC countries - by 400 thousand barrels per day, incl. for Russia - 228 thousand barrels per day,
- starting point - October 2018,
- the validity period is from July 1, 2019 to March 31, 2020

In addition, at the meeting on Monday, a draft charter of perpetual cooperation with non-OPEC countries was approved. This was announced to journalists by Iraqi Oil Minister Tamer al-Gadban. Iranian Oil Minister Iran Namdar Zangane confirmed the same thing, also noting that “the negotiations on the charter are complete” noted that the OPEC member states were given time to agree on the draft document adopted by the organization with their governments.

Also, according to Zingane, Iran, Venezuela and Libya received the right not to reduce oil production in the next nine months - for the duration of the OPEC + transaction, approved by OPEC ministers on Monday. He noted that Venezuela and Libya were also exempted from quotas. At the same time, the minister noted that the OPEC member states are given time to coordinate the draft document adopted by the organization with their governments. “We discussed a lot, we modified and we changed some points in this charter. I agreed to give time to countries if they need permits from their governments, ”he explained.

In turn, the Minister of Energy, Industry and Mineral Resources of Saudi Arabia, Khaled al-Faleh, the countries participating in the OPEC + deal are planning to reduce world oil reserves to the level of 2010-2014.

 

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