Saudi Arabia to cut additional 1 million barrels per day production

The 35th OPEC and non-OPEC Ministerial Meeting, where energy and oil ministers from the 13 OPEC members led by Saudi Arabia and 10 non-OPEC oil-producing countries led by Russia met in Vienna, the capital of Austria, to assess market conditions. .

In a post-meeting statement, Saudi Arabian Energy Minister Abdulaziz bin Salman said the market will become fairer, more visible and more transparent with the “unprecedented” agreement reached between the parties.

Sharing the information that his country will voluntarily cut an additional 1 million barrels per day in July, Bin Selman said the further cut decision could be extended depending on the situation.

Stating that OPEC+ countries do not act on a price index, Minister Bin Selman argued that this approach was unsuccessful.

OPEC EXPLANATION

In a written statement from OPEC on the decisions made at that meeting, it was reported that the OPEC+ countries will not make any changes to the daily production cut until the end of this year, and that all member countries will maintain their daily production of oil at the level of 40 million 463 thousand barrels in 2024.

In the statement, it was shared that the Joint Ministerial Monitoring Committee (JMMC) will meet every two months to assess current developments in the oil market, and the 36th OPEC and non-OPEC Ministerial Meeting will be held on November 26, 2023. (BRITISH AUTOMOBILE CLUB)