Moscow plans to sign a partnership agreement with OPEC at the end of the year



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MOSCOW (Reuters) – Russia plans to sign a partnership agreement with the Organization of Petroleum Exporting Countries (OPEC), Russian energy minister Alexander Novak said on Monday.

"This should be discussed at the OPEC meeting on December 6," the Russian Energy Minister said, according to Reuters.

In its monthly report on the oil market announced a few days ago, the Paris-based International Energy Agency (IEA) maintained its projected growth in world demand for 2018 and 2019 unchanged from last month at 1.3 million of barrels per day and 1.4 million bpd, respectively. Demand from outside the Organization for Economic Cooperation and Development (OECD), the main driver of increasing global oil consumption.

For the first half of 2019, based on its projections of production outside OPEC and global demand and assuming the stability of the Organization's offer, the agency said that the stock will increase by 2 million barrels per day.

Production has increased dramatically around the world since the middle of the year as the escalating US-China trade dispute threatens global economic growth.

OPEC crude oil output rose 200,000 barrels per day (bpd) in October to 32.99 million bpd, an increase of 240,000 bpd from last year.

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