ABU DHABI-OPEC is likely to agree with an oil production cut when it meets next month in Vienna, says the oil minister in Oman on Sunday after Saudi Arabia has confirmed that it would cut its own oil supplies next month and Russia signaled that it could follow.
"There is consensus that there will be overuse in 2019," said Oman oil minister Mohammed bin Hamad al-Rumhy to the Wall Street Journal following the meeting of the Joint-Ministerial Monitoring Committee in Abu Dhabi. While Oman is not a member of OPEC, it is part of the production decision.
The news comes after Khalid al-Falih, Saudi Arabia's oil ministers said the Kingdom was ready to cut production, while Russia left the door open for opportunity.
Saudi Arabia, Russia ̵
Speak before the meeting, said Mr. Al-Falih that the Saudi production cut was imminent.
"December nominations are 500,000 barrels a day less than they were in November. Russia, the largest external alliance in OPEC, had been expected to oppose a new reduction because the state oil companies invested heavily in a production disaster.  However, the country's oil minister Alexander Novak did not exclude a cuts next month. Mr Novak said he was "theoretically" open to commodity production if the coalition agreed and would follow any decision it took.
The Coalition of 25 producers in the Organization for Oil Exporting Countries and outside the Group will decide next month in Vienna.
But Mr. Falih said it was too early to say what would be decided at the meeting. "We do not want to do a cut , but only if necessary, "he said, adding that the group needed to be sure that profits will continue into 2019."
He added that such a collective decision was difficult u sure. "Honestly, we see some signs of [a persistent glut] coming out of the United States [but] We have not seen the signs globally," he said.
Any cuts to production come as oil into a bear market on Thursday. Friday's closing marked 10 consecutive losses, the longest since July 1984.
Complicative OPEC decision making is the return of US sanctions against Iran and Washington's decision to grant temporary exemptions to eight countries that will allow them to buy oil from the Islamic Republic.
In addition, Venezuelan oil minister Manuel Quevedo said earlier that his country plans to increase production by half a million barrels a day as part of a capacity disaster with Chinese funding.
But Helima Croft, Chief Commodities Strategist at Canada's RBC, said Venezuela would be unlikely to increase production even with a crisis cash injection. Many oil workers leave their position or "go hungry. The infrastructure is in complete decline," she said.
The Wall Street Journal reported last week that a Saudi funded tanker, King Abdullah Petroleum Studies and Research Center, has studied a scenario where OPEC will dissolve. "Thinking thoughts like to think. We do not want to deprive them of thinking, "said Saudi Arabia, Mr. Falih. "We ask them to review all scenarios."
However, the minister, who said that he spoke on behalf of the Saudi leadership, said "we believe that a professional study of [KAPSARC] will show that the combination of cooperation and reduce extreme Volatility will be the best for the market.
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