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OPEC chief sees strong OPEC+ decision in Dec covering all of 2020

OPEC and its allies participating in a pact on curbing oil supply will take “strong” decisions at a meeting in December to set supply for 2020, when demand for OPEC crude is expected to weaken, OPEC’s secretary general said.

OPEC, Russia and other producers, an alliance known as OPEC+, have since Jan. 1 implemented a deal to cut oil output by 1.2 million barrels per day to support the market. The pact runs to March 2020 and the producers meet to set policy on Dec. 5-6.

“The conference will take appropriate, strong, positive decisions that will set us on the path of heightened and sustained stability for 2020,” Mohammad Barkindo told reporters at a briefing in London on Thursday.

“All options are open,” he said, when asked about the prospect of a deeper oil supply cut in December.

While the last meetings of the Organization of the Petroleum Exporting Countries and its allies held in July decided on supply for the next nine months, the December meeting in Vienna will likely take a longer view.

“As we approach December, we will be faced with real data for 2020 which will enable us to probably review the current arrangement and come up with a decision that probably will cover the whole of the year,” Barkindo said.
Source: Reuters (Reporting by Alex Lawler; Editing by Edmund Blair and David Evans)

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