UPDATE 1-OPEC unlikely to change output policy this week -IEA head of oil

Published 03/12/2019, 16:38
Updated 03/12/2019, 16:45
UPDATE 1-OPEC unlikely to change output policy this week -IEA head of oil

(Adds quote, detail)

By Noah Browning

LONDON, Dec 3 (Reuters) - Oil producers from the

Organization of the Petroleum Exporting Countries (OPEC) are

unlikely to agree to change their current deal on curbing output

until the market outlook becomes clearer, a senior official at

the International Energy Agency (IEA) said on Tuesday.

"OPEC is quite likely to do what it has often done in the

past: put off taking a decision which involves changing the

current system until things become clearer," said Neil Atkinson,

head of the Paris-based IEA's oil industry and market division.

OPEC and allies led by Russia, a grouping known as OPEC+,

meet in Vienna on Thursday and Friday to decide what to do about

their current deal, which ends in March.

They are currently cutting output by 1.2 million barrels per

day, or about 1.2% of global demand, in order to reduce

oversupply and support prices.

"The Russians, we understand from press reports, are keen at

least on the political level not to change anything

immediately," he told a conference organised by S&P Global

Platts in London, stressing his comments were not a policy

recommendation.

"There's a lot of uncertainties out there, not least the

U.S. shale outlook, strength in demand, the overall economic

outlook, all the rest of it, that more likely than not they will

leave it in place and meet again in March", Atkinson said.

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