Opec said today it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output.
They discussed the "state of the oil market" and energy cooperation between the two countries during a meeting in eastern Dhahran city, the minister, Khalid Al-Falih, said on Twitter.
Since Canada's top oil-producing province announced mandatory output curbs on December 2, the spot price of Western Canada Select crude has surged more than 70 percent.
"The more OPEC+ tries to support prices by withholding oil from the market, the more they give the USA shale sector an out from rationing supply growth themselves", it added.
But worries over the strength of crude remain rife, with other market analysts pointing to $60 barrels or lower in the coming year.
All major oil producing nations, including Saudi Arabia, Russia and the United States have all substantially increased out and kept it high for a prolonged period of time, resulting in the creation of a oil environment that is reminiscent, and precepted, the 2014 downturn.
In January 2018, daily oil production stood at 814,600 barrels, in February 2018 - at 806,000 barrels, in March - 794,000 barrels, in April - 785,700 barrels, in May - 801,000 barrels, in June - 792,000 barrels, in July - 773,000 barrels, in August - 774,000 barrels, In September - 796,000 barrels and in October - 783,000 barrels of oil per day.
Saudi Arabia pumped a record-high of over 11 million bpd in November, after in June, the Kingdom agreed with Russian Federation and other OPEC members to start increasing production again as Brent soared over US$80 a barrel to the disgruntlement of large importers such as India and the United States.
He appreciated the decision of the OPEC + countries to regulate the oil market and stabilize the oil prices. Saudi Arabia is now the world's largest oil exporter.
Saudi Arabia has said it plans to slash output to about 10.2 million barrels a day in January, down 900,000 a day from November.
This was determined by Reuters based on data from Petro-Logistics, which put Saudi oil exports at 8.105 million bpd in November up from 7.491 million bpd in October, and taking into account that the kingdom's shipments next month are set to fall by more than 1 million bpd under the OPEC cutbacks.