Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

OPEC+ countries agreed to further reduce oil production by 2 million b/d


November, 30 2023
watermark Economic news

At today's online meeting of OPEC+, the alliance countries reached a preliminary agreement on a further total reduction in oil production by 2 million barrels per day. The reduction of 1 million b/d is assumed by Saudi Arabia and 1 million b/d by the other participating countries.


The agreement was not reached immediately – the originally scheduled meeting was postponed from November 26 to November 30. According to The Wall Street Journal, Saudi Arabia, the world's largest oil producer, insisted on additional cuts, while the largest oil producers in Africa (Nigeria and Angola) were against reducing their individual quotas. The United Arab Emirates was also reluctant to reduce.


In general, OPEC+ countries, including Saudi Arabia and Russia, provide about 40% of the world's oil supply, which is approximately 43 million barrels per day. In accordance with the current agreements, OPEC+ countries adhere to commitments to reduce production by 5 million barrels per day.


After the end of the OPEC+ meeting, Brent oil quotes began to grow, updating 3-month highs above the level of $84 per barrel.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.