The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers, will slash their crude output by 1.195 million barrels per day (bpd) to 43.874 million bpd in the first half of 2019.
The world’s oil cartel said Friday that this is part of its production-cutting deal and called on participating countries to redouble efforts for supply adjustments to ensure oil markets remain in balance in 2019.
OPEC noted that the production adjustment will be monitored by the Joint Ministerial Monitoring Committee (JMMC) on a monthly basis.
The next JMMC meeting will be held in Baku, Azerbaijan, on March 18, it added.