Brent crude oil prices stabilized after the OPEC + alliance lowered its production ceiling by two million barrels per day, starting next November, at its meeting last Wednesday.
This is the second reduction after the reduction of the production ceiling for the month of October by approximately 100,000 barrels per day at the meeting of OPEC + ministers last September.
In light of the decline in production of some coalition countries from the production ceiling even after the reduction, OPEC + estimates that the actual reduction in supply will be between one million and 1.1 million barrels per day, according to the report. Saudi Minister of Energy, Prince Abdulaziz bin Salman, said at the conference the Alliance held after the meeting last Wednesday.
for more details: OPEC + decides to cut production by 2 million barrels per day
(Prepared by: Amani Radwan, Editing: Reem Shams El-Din, contact [email protected])
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