In a significant move that is expected to impact global oil markets, OPEC+ has reached a preliminary agreement to reduce oil production by over one million barrels per day, as reported by media sources today. The decision was made during an OPEC conference meeting which commenced at approximately 10:00 GMT.
According to sources from “Sputnik,” an OPEC+ Monitoring Committee meeting was scheduled for 13:30, to be followed by a ministerial meeting of the alliance. These meetings, held online this Thursday, aimed to finalize the oil production levels for the year 2024, following a postponement of talks originally set for November 25 and 26.
The delay in reaching an agreement was reportedly due to disagreements within the 23-nation OPEC+ group, especially among African producers, over whether new reductions in output should be implemented. Furthermore, Moscow and Riyadh have maintained a reduction of 1.3 million barrels per day in their regular production until the end of this year.
In a significant development this June, OPEC+ agreed to decrease their overall production targets starting from January 2024. The new target will be a reduction of 1.4 million barrels per day, bringing the cumulative production down to 40.46 million barrels per day.
