OPEC+ announced the extension of its oil deal for 2024, RIA Novosti reports.
The corresponding decision was made following the meeting on Sunday.
In addition, as part of the deal, OPEC + from next year will reduce total production by 1.4 million barrels per day. At the same time, it is noted that this decision may be formal, since the countries participating in the format produce less than was established in the previous deal.
Recall that in May 2020, OPEC + reduced oil production by 9.7 million barrels per day. The decision was due to a general decline in global oil demand. In August 2022, the OPEC+ alliance moved into the final phase of exiting these cuts. At the same time, starting from November, production began to decrease again, this time by 2 million barrels per day from the level that was the maximum possible for August. The previous deal expired at the end of 2023.
As reported, the next time representatives of various countries in the OPEC+ format will meet in Vienna on November 26.