Since then, the world's three largest oil producers – the United States, Russia and Saudi Arabia – have achieved new production results. At the same time, US and Chinese trade tensions, rising interest rates and currency weakness in emerging markets have raised concerns about the slowdown in global economic growth and oil demand.
Last month, the committee responsible for monitoring compliance with the oil Alliance production quotas claimed that the group might have to change its course and start production. On Sunday, it said that the current situation "may require new strategies to balance the market."
"The committee reviewed the current basic principles of oil supply and demand and noted that the 2019 prospects point to an increase in the growth of supply compared to global requirements, given the current uncertainty," said the Joint Monitoring Committee of the Ministers.
"The Committee also noted that reducing global economic growth, in addition to the related uncertainties, could affect global oil demand in 2019 and could increase the gap between supply and demand."
Saudi Arabia, the largest producer of OPEC and the world's largest unprocessed exporter, plans to cut shipments by 500,000 barrels per day in December, said Minister of State Energy Minister Khalid al Falih.