2023-06-04 19:34:36
The oil and energy ministers of the OPEC+ alliance, made up of 23 countries (the 13 from OPEC plus ten allies, including Russia) agreed this Sunday in Vienna extend for one more year, until the end of 2024, the current cuts in its pumping.
In addition, they reached a compromise on the internal distribution of the production quota as of January 1, 2024, which will leave 40.46 million barrels per day (mbd) the group’s total supplyaccording to the final declaration of the ministerial meeting held this Sunday.
In this way, both the 2 mbd cut adopted in October 2022 and a large part of the voluntary reductions announced in April remain in force, for a total of 1.66 mbd, which so far they have not had the desired effect of raising the price of crude oil to more than $80/barrel.
The barrel of Brent oil ended on Friday at $76.08 and that of intermediate oil from Texas (WTI) was at 71.74 dollars, prices that are very far from those above 100 dollars/barrel that were a year ago.
The next ministerial conference of the Organization of the Petroleum Exporting Countries (OPEC) and its ten allies, led by Russia, has been convened for next November 26.
the saudi cut
Saudi Arabia will reduce its crude supply by a million barrels per day (mbd) as of next July 1, a “voluntary” clipping that it will implement in addition to continuing to comply with the pumping limitations to which it has committed in OPEC+.
This was announced by the Saudi Minister of Energy, Abdelaziz bin Salman, at a press conference after participating in a conference of the Organization of the Petroleum Exporting Countries (OPEC) and its ten allies, including Russia.
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