World oil prices on November 12 in the morning jumped by 1-1.5% on the main brands. This is evidenced by the auction data. At 8:49 GMT, the value of January futures for Brent rose by 1.55% to 71.27 dollars per barrel, the price of December futures for WTI oil - by 0.96% to 60.77 dollars per barrel.
On November 11, a meeting of the OPEC+ Ministerial monitoring Committee was held in Abu Dhabi, which was established to monitor the implementation of the agreement and make recommendations for its adjustment. Following the meeting, the Committee said that it sees prerequisites for excessive growth of oil supply in the world in 2019.
The next meeting of the Committee will be held on December 5 in Vienna, RIA Novosti reported.
OPEC and a number of non-member countries (OPEC+) agreed at the end of 2016 in Vienna to reduce oil production by 1.8 million barrels per day from the level of October 2016, of which 300 thousand accounted for Russia. The agreement started from the beginning of 2017 and was extended until the end of 2018. In June 2018, OPEC + agreed on the goal to avoid overfulfilling the terms of the agreement, which then amounted to 47%.