NEWS： OPEC + meeting will take us production into consideration
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Russia's Tass News Agency reported Monday that the energy ministry said the organization of the petroleum exporting countries and other oil producing allies (OPEC +) would take into account the slowdown in US oil production growth when discussing production agreements in December.
However, Tass quoted Pavel Sorokin, Russia's deputy energy minister, as saying it is too early to talk about expanding production cuts.
OPEC + has implemented an agreement to cut production by 1.2 million barrels per day since January to support the oil market.
The agreement will expire at the end of March 2020, and oil producing countries will meet on December 5-6 to review their policies.
"The OPEC + mechanism has demonstrated its effectiveness, but it cannot be maintained forever," Sorokin was quoted as saying.
"If you look at the situation in the United States, you can also see that the slowdown in production growth over the past three to four months has been quite significant," he said.
With the help of shale oil boom, the United States surpassed Saudi Arabia and Russia to become the world's largest oil producer.
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