The OPEC countries and independent producers that are part of the pact to reduce oil production, expect an oversupply in the global oil market in 2019, said the Saudi Energy Minister, Khalid al Falih .
"We expect an oversupply in 2019, we may have to go back to the reduction," he said in an interview with channel Rossiya 24, taking stock of the meeting of the OPEC + Joint Ministerial Monitoring Committee held on September 23.
He expressed his hope that they can "take measures to balance the market."
In addition, during a press conference, Al Falih said that, according to the forecasts presented, reserves growth is expected due to an increase in extraction in countries that did not sign the oil agreement.
"The excess is estimated at 2 million barrels per day, while the demand will be approximately 1.5 million barrels per day," the Saudi Energy Minister said.
He also stressed that it is early to talk about the specific actions of OPEC + in 2019, because they will act according to the situation.
At the same time, Al Falih stressed that the group is willing to respond quickly to any change in supply in the market to keep it stable, increasing or reducing oil extraction.
At the end of 2016, OPEC and 11 independent producers, including Russia, agreed in Vienna to reduce joint production by 1.8 million barrels per day, starting from the level of October 2016.
The pact that seeks to stabilize hydrocarbon prices is in force until the end of 2018.