Quotas for output cut may be increased within OPEC+

OPEC+ Joint Ministerial Monitoring Committee may discuss the issue of reducing the output more than 1.2 million barrels at tomorrow’s meeting, Iraqi Oil minister Thamer Ghadhban told journalists.

According to him, the report of the OPEC’s committee will be listened at the meeting: "We understood at our June’s meeting that the six-month period is not enough to assess the effect of quotas we made and two more months are needed. Therefore, we ‘ll be able to make a new decision whether existing quotas remain or we need deeper quotas. While considering discussions held in November 2018, we had two alternatives about reduction of daily output – 1.6 million barrels or 1.8 million barrels. However, as these were unacceptable for some members, we agreed to cut daily output by 1.2 million barrels."

The minister also said that recommendations by experts are still important.

OPEC JMMC will discuss existing results on fulfillment of agreement and forecasts on 2020.