However, not all countries will actually reduce production. OPEC+ cut oil output targets for Russia, Nigeria and Angola to match current levels.
The United Arab Emirates and Mexico will be able to increase production levels.
On the other hand, Saudi Arabia announced that in July this year it will reduce production by one million barrels per day, and if necessary, this reduction in production can be extended. As a result, Saudi Arabia will produce nine million barrels of oil per day in July.
In October 2022, OPEC+ agreed to reduce oil production by two million barrels per day until the end of 2023, but this year in April, they agreed to reduce production by another 1.66 million barrels per day from May to the end of the year.
At the meeting on Sunday, it was decided to keep this reduction of 3.66 million barrels per day in effect in 2024 as well.
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%.
2023-06-04 19:29:30
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