Several OPEC+ countries announced on Thursday that they will implement additional production cuts next year in an effort to boost oil prices.
After the virtual meeting of the ministers of the OPEC+ member states, Saudi Arabia announced that the reduction in the amount of oil production by one million barrels of oil per day, which has been in effect since the beginning of July, will be in effect until March 2024.
Russia said a 500,000 bpd cut in oil exports, down from 300,000 bpd so far, would also be extended until March.
Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will also reduce oil production, but to a lesser extent.
However, analysts explain that the outcome of this meeting is not as successful as expected, because Saudi Arabia managed to persuade only seven countries to join the reduction in oil production, but failed to convince African countries.
At the same time, after the meeting, it was announced that Brazil has been invited to join OPEC+ from next year, which stated that it needs to evaluate this invitation in detail.
The OPEC+ format includes 13 countries from the Organization of the Petroleum Exporting Countries (OPEC) and another 10 oil-producing countries, including Azerbaijan, Kazakhstan, Russia, Malaysia and Mexico. OPEC+ has a global market share of 40%.
2023-12-01 15:48:19
#OPEC #countries #increase #oil #prices
