OPEC+ to cut oil production to raise prices.
Members of the OPEC+ group agreed to extend the voluntary reduction of oil production until the end of 2024, reported the Organization of the Petroleum Exporting Countries.
Eight OPEC+ countries (Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman), which previously announced additional voluntary adjustments in April and November 2023, agreed to prolong... the voluntary production adjustment by 2.2 million barrels per day for one month until the end of December 2024
OPEC+ countries are trying to increase the price of oil amid slowing global demand by reducing the supply of crude oil in world markets.
The OPEC+ group brings together the countries of the Organization of the Petroleum Exporting Countries and countries that coordinate their policy with the cartel in the field of export and production of raw materials. In recent years, its influence on oil pricing in the world market has been gradually decreasing due to the increase in production in countries that are not members of the cartel and do not coordinate their policy with it, particularly in the USA or Canada.
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