OPEC+ is discussing a new reduction in oil production by 1–2 million barrels per day – Kommersant
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OPEC+ countries are discussing the possibility of additional reductions in global oil production. Reuters sources reported that we are talking about a reduction of 1-2 million barrels per day. According to The Wall Street Journalthe option of reducing by 1 million barrels per day is being discussed.
As the WSJ writes, reaching agreements is not guaranteed and it is meeting resistance in OPEC. Any cuts would be in addition to those enacted in June. The world’s largest oil producer, Saudi Arabia, advocates cutting production. Africa’s largest oil producers, Nigeria and Angola, are resisting lowering individual production quotas, WSJ claims. These countries believe that OPEC is overestimating their oil production capacity. The UAE is also said to be reluctant to cut production.
The decision on the parameters of oil production restrictions for 2024 should be made at a video conference on November 30. The ministerial meeting was previously scheduled for November 26, but was postponed due to disagreements.
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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