Baku. 26 February. REPORT.AZ/ The volume of oil production in Saudi Arabia in January-March will be at a level much lower than the quota.
Report informs citing the Reuters, Minister of Energy of Saudi Arabia Khalid al-Falih said.
Riyadh expects to maintain oil exports at about 7 million barrels/day.
"A study is taking place and once we know exactly what balancing the market will entail we will announce what is the next step. The next step may be easing of the production constraints. My estimation is that it will happen sometime in 2019", he added.
Among other factors of market support, is the fact that Libya’s National Oil Corporation (NOC) said on Saturday it had declared force majeure on the 70,000 barrels per day (bpd) El Feel oilfield after a protest by guards closed the field. On commodity markets, Brent crude price exceeded $ 67/barrel.