Critical meeting from OPEC+ group – Breaking economy news – Spokesperson
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The OPEC+ group of oil producers met today. With oil prices falling, OPEC+ will also discuss further production cuts.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) met in Vienna today to discuss further production cuts.
The meeting takes place at a time when we are faced with fluctuating oil prices and the impending abundance of supplies. According to sources informing Reuters, the start of official negotiations was delayed for at least three and a half hours due to the countries’ discussions about production criteria and quotas.
PRODUCTION INTERRUPTIONS ON THE AGENDA
Sources said that additional production cuts are among the agendas of today’s session. Accordingly, new cuts can be added to the current cuts of 2 million barrels per day, which were surprisingly announced in April and entered into force in May.
Influential members of OPEC and major producers in the Gulf also tried to persuade underproducing African countries such as Nigeria and Angola to set more realistic production targets, according to sources.
DIRECTLY AFFECTS PRICES
OPEC+ members World It extracts about 40 percent of its crude oil. This means that policy decisions can have a significant impact on oil prices.
After the cuts announced in April, oil prices are around 9 per barrel. dollar increased and rose above $87. Afterwards, prices declined under pressure from concerns about global economic growth and demand.
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