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OPEC + agrees to decline production without difficulty

OPEC + agrees to decline production without difficulty

And the formation of this agreement took a long time: seven hours of discussions in order to finally maintain the reduction in production quotas this year. Minus two million barrels per day. OPEC+ He also decided to tighten the tap a bit more in 2024.

Saudi Arabia, the world’s largest exporter, is going further with a voluntary cut of 500,000 barrels per day through December 2024. In any case, the unity that OPEC + wanted to show is seriously scratched.

African countries such as Angola, Gabon and Nigeria were not in favor of making large cuts in production, as opposed to setting reference levels below current levels.

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Next meeting in November…

The UAE, which wants to produce more, has said to some African countries: “But you can’t produce compared to the norm set by OPEC+ years ago, so you can lend just over your number.” Some states said “No way. We may not be able to produce at the level of what has been announced at the moment, but we have developments underway and we can keep that wiggle room. We don’t want to give it to you.” This is one of the issues that hindered this ministerial meeting of these 23 countries Francis Perrin, a researcher at Iris who specializes in hydrocarbons

African countries had to finally capitulate. Each country’s capabilities will be re-evaluated. The next meeting of the 23rd of OPEC+ is the end of November.