At the meeting on November 30, the OPEC + alliance decided to make an additional cut of 1 million barrels per day in oil production for all members of the organization. Delegates reported this to the agency Bloomberg.
This decision will complement Saudi Arabia’s voluntary extension of restrictions by 1 million barrels, which was previously mentioned as the goal of the negotiations.
“If these figures are confirmed, it will show that OPEC+ wants to maintain its control over the oil market. “The alliance continues to take an active position given the possibility of seasonal weakening of demand in early 2024,” said UBS Group AG analyst Giovanni Staunovo.
Staunovo said important details about the outages are still missing. It was not immediately clear how the cuts would be distributed among members or how Russia’s 300,000-barrel-per-day cut in exports would affect the new totals.
Before this, the price of oil had risen sharply. he jumped up Amid rumors of an increase in OPEC+ oil production cuts.
Previous energy crisis in Europe taken into account complete.