OPEC agrees to further cut in oil production
THE Organization of Oil Export Countries (OPEC) And It is allies on THURSDAY agreed has cut monthly oil to go out by additional 1 million barrels by day departure In 2024.
OPEC disclosed This has It is 36th OPEC And non-OPEC ministerial meeting, A statement released by THE organization said.
THE OPEC Secretariat note that THE announcement of additional voluntary cuts East aiming has proof THE stability And balance of oil markets.
"These voluntary cuts are calculated Since THE 2024 required production level as by THE 35th OPEC Ministerial Meeting detained on June 4 2023, And are In addition has THE voluntary cuts previously announcement In April 2023 And later extended until THE END of 2024.
"These additional voluntary cuts are announcement by THE following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); And Oman (42 thousand b/d) departure 1st of January until THE END of March 2024. After, In order has support walk stability, these voluntary cuts will be income gradually subject has walk terms," THE oil cartel said.
He said THE above will be In addition has THE announcement voluntary cut by THE Russian Federation of 500 thousand barrels by day For THE even period (departure 1st of January until THE END of March 2024), which will be do Since THE average export levels of Can And June of 2023, And will consist of 300 thousand barrels A day of raw oil And 200 thousand barrels by day of refined products.
He note that, following THE decision of THE 35th OPEC And non-OPEC Ministerial Meeting, THE completion of THE assessment by THE three independent sources (IHS, Drink Mackenzie And Rystad Energy) For production level that can be reached In 2024 by Angola, Congo And Nigeria East as follows: Angola has 1,110 t/bd, Congo has 277 t/bd And Nigeria has 1,500 t/bd. This implied that OPEC believes Nigeria can reach A production level of 1.5 million barrels by day In 2024 while Angola can reach 1.11 million barrels by day And Congo 277,000 barrels by day.
BackgroundOPEC And It is allies had, In October last year, I agreed to cut oil to go out by 2 million barrels by day In November, THE the deepest cut by OPEC+ Since THE 2020 COVID pandemic.
THE decision came despite pressure Since THE United States And others advocating that THE band increase It is exit.
In April, OPEC said he would be to start "A voluntary reduction" of 1.66 million barrels by day In It is production of raw oil next to other members of OPEC.
READ ALSO: oil prices autumn in front of OPEC meetingTHE cuts were has to start In Can And last through THE END of THE year, A official of THE Saudi Ministry of Energy was quoted as saying by THE Saudi state-run news agency, SPA.
THE cut East In addition has THE reduction announcement by OPEC+ In October 2022, according to has SPA.
In June, OPEC said he would extend the cut until 2024.
He note that THE decision was taken In light of THE continued commitment of THE OPEC And non-OPEC Participant Countries In THE Statement of Coop...
THE Organization of Oil Export Countries (OPEC) And It is allies on THURSDAY agreed has cut monthly oil to go out by additional 1 million barrels by day departure In 2024.
OPEC disclosed This has It is 36th OPEC And non-OPEC ministerial meeting, A statement released by THE organization said.
THE OPEC Secretariat note that THE announcement of additional voluntary cuts East aiming has proof THE stability And balance of oil markets.
"These voluntary cuts are calculated Since THE 2024 required production level as by THE 35th OPEC Ministerial Meeting detained on June 4 2023, And are In addition has THE voluntary cuts previously announcement In April 2023 And later extended until THE END of 2024.
"These additional voluntary cuts are announcement by THE following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); And Oman (42 thousand b/d) departure 1st of January until THE END of March 2024. After, In order has support walk stability, these voluntary cuts will be income gradually subject has walk terms," THE oil cartel said.
He said THE above will be In addition has THE announcement voluntary cut by THE Russian Federation of 500 thousand barrels by day For THE even period (departure 1st of January until THE END of March 2024), which will be do Since THE average export levels of Can And June of 2023, And will consist of 300 thousand barrels A day of raw oil And 200 thousand barrels by day of refined products.
He note that, following THE decision of THE 35th OPEC And non-OPEC Ministerial Meeting, THE completion of THE assessment by THE three independent sources (IHS, Drink Mackenzie And Rystad Energy) For production level that can be reached In 2024 by Angola, Congo And Nigeria East as follows: Angola has 1,110 t/bd, Congo has 277 t/bd And Nigeria has 1,500 t/bd. This implied that OPEC believes Nigeria can reach A production level of 1.5 million barrels by day In 2024 while Angola can reach 1.11 million barrels by day And Congo 277,000 barrels by day.
BackgroundOPEC And It is allies had, In October last year, I agreed to cut oil to go out by 2 million barrels by day In November, THE the deepest cut by OPEC+ Since THE 2020 COVID pandemic.
THE decision came despite pressure Since THE United States And others advocating that THE band increase It is exit.
In April, OPEC said he would be to start "A voluntary reduction" of 1.66 million barrels by day In It is production of raw oil next to other members of OPEC.
READ ALSO: oil prices autumn in front of OPEC meetingTHE cuts were has to start In Can And last through THE END of THE year, A official of THE Saudi Ministry of Energy was quoted as saying by THE Saudi state-run news agency, SPA.
THE cut East In addition has THE reduction announcement by OPEC+ In October 2022, according to has SPA.
In June, OPEC said he would extend the cut until 2024.
He note that THE decision was taken In light of THE continued commitment of THE OPEC And non-OPEC Participant Countries In THE Statement of Coop...
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