Saudi Arabia plans to reduce oil production by another million barrels per day by the beginning of 2024. This was reported by TASS.
It was noted that the voluntary discount was initially planned for July, but was then extended for another two months. It was then decided to revise it every month and reduce it until the end of the year.
Saudi Energy Minister Prince Abdulaziz bin Salman in October statedIt was stated that Russia-Saudi cooperation will continue within the scope of OPEC +. According to him, this made it possible to ensure stability in the oil market. Previously, Deputy Prime Minister Alexander Novak stated that all OPEC + countries have fulfilled their obligations to reduce production.
OPEC+ recently announced that it does not plan to hold an emergency meeting due to the situation in the Palestinian-Israeli conflict. Reuters sources reported this. Agency analysts believe that a risk premium has already formed in the price of oil due to the escalation of the conflict in the Middle East.
Previously the economist said About Russia’s advantage in the oil market.