OPEC+ agreed to cut production by 1 million barrels per day – Kommersant
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OPEC+ member countries have tentatively agreed on an additional reduction in oil production, a source told Reuters. Production, according to the agency, will be reduced by 1 million barrels per day. The decision has not been officially announced – the meeting is still ongoing.
By data agency, the parties discussed reducing production by 1–2 million barrels per day. The potential deal would involve Saudi Arabia voluntarily expanding its commitment to cut production by 1 million barrels per day. The remaining members of the alliance will also have to further reduce production.
The parties agreed on the deal on the second attempt. The meeting was previously postponed from November 26 to 30. By data The Wall Street Journal, the additional cuts were supported by top oil producer Saudi Arabia. Africa’s largest oil producers, Nigeria and Angola, the newspaper argued, resisted lowering individual production quotas. The UAE was also reluctant to make cuts, the WSJ argued.
About the difficulties of OPEC+ leaders in maintaining oil prices – in the column by Yuri Barsukov “Is the oil market running out of candy?”.
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