In addition, they have reached a commitment on the internal division of production quota from January 1, 2024, which will keep the group’s total supply at 40.46 million barrels per day (mbd). Countries like Saudi Arabia, UAE, Iraq and Oman will reduce their daily crude oil production.
The oil and energy ministers of the alliance OPEC+integrated by 23 countrieshave agreed this Sunday in Vienna extend for another yearuntil the end of 2024, the Current cutbacks on your pumps.
In addition, they have reached a commitment on the internal division of production quota from January 1, 2024, which will keep the group’s total bid at 40.46 million barrels per day (mbd), according to the closing statement of the ministerial meeting held this Sunday.
For example, both the 2 mbd cut approved in October 2022 and a large part of the voluntary cuts announced in April totaling 1.66 mbd remain in place, which have so far failed to meet the desired effect of raising the price of crude oil to over $80/barrel.
In addition, Saudi Arabia will cut its crude oil supply by one million barrels per day (mbd) starting July 1, a “voluntary” reduction it will make in addition to continuing to comply with the pumping restrictions it has committed to in OPEC+. In the same way, United Arab Emirates will reduce crude oil production by 144,000 barrels per day, Iraq will extend its voluntary reduction of 211,000 barrels per day (mbd) and Oman It will do so at 40,000 barrels per day, all through the end of 2024.
Brent crude ended Friday at $76.08 and Texas intermediate oil (WTI) at $71.74, prices far from those above $100/barrel a year ago.
The next ministerial conference of the Organization of the Petroleum Exporting Countries (OPEC) and its ten allies, led by Russia, has been convened for November 26.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
