OPEC was advised to lower its oil production level by an additional 500,000 barrels per day (bpd), Russian Energy Minister Alexander Novak said Thursday.  

“Global oil demand is on the decline due to the winter season,” Novak told reporters in Vienna after leaving a meeting of the Joint Ministerial Monitoring Conference (JMMC).

“That’s why JMMC advised OPEC to lower its oil production by an additional 500,000 bpd in the first quarter of 2020,” he said.

Formed in December 2016, the JMMC has been responsible for monitoring OPEC and non-OPEC’s oil production and adherence to output quotas.

Read more: OPEC advised to lower oil output by 500,000 barrels