OPEC may further cut oil output

Baku. 7 December. REPORT.AZ/ OPEC may take additional measures to maintain stability in the market, if crude oil falls below USD 40/bbl. 

Report informs, referring to Gazeta.ru, United Arab Emirates (UAE) Energy Minister Suheyl al-Mazuri said.

According to him, if oil prices will continue to fall, despite production cut, OPEC will discuss the issue and hold consultations with non-member countries: “All necessary measures will be taken”.

Notably, OPEC and non-OPEC oil exporters agreed to reduce production by 1.8 mln. barrel per day. OPEC reduced production by 1.2 mln., while other countries by 6 mln. barrels in total.

Notably, on the eve of decision to cut production, overall output of both OPEC and non-OPEC countries increased by 0.4 mln. barrels per day. This factor may prevent stabilization of supply and demand in the market and draw the prices down.