– “Ouching” Imminent? – Saudis Make Additional 1 Million Bpd Voluntary Production Cut In New OPEC+ Deal:
OPEC+ members in Vienna have agreed to extend crude production cuts into 2024.
In a statement, the cartel said that it was acting “ to achieve and sustain a stable oil market,” and that it was continuing its recent approach of being “proactive, and pre-emptive.”
Additionally, Saudi Arabia committed to an additional voluntary cut of 1 million barrels per day as part of this agreement, adding that they “will do whatever is necessary” to stabilize the oil market.
Russia will extend its voluntary oil production cut of 500,000 barrels per day until the end of December 2024, Reuters reported, citing Russian Deputy Prime Minister.
The main winner from the weekend’s talks is the United Arab Emirates, which gets a boost to its quota for next year. UAE Energy Minister Suhail Al Mazrouei thanked his colleagues for the hike to its quota and expressed the country’s loyalty to the cartel.
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