In an OPEC+ meeting june 6 2023 yesterday, Saudi Arabia announced further production cuts in July.
-The country will voluntarily reduce production by 1 million barrels per day (bpd) in July to comply with the OPEC+ agreement.
-Saudi Arabia may extend the 1 bpd reduction beyond July if necessary to stabilize oil prices.
-OPEC+ members agreed to maintain their planned oil production cuts for the current year.
-Starting in 2024, overall production targets will be reduced by a total of 1.4 million bpd.
-Saudi Arabia plans to extend voluntary cuts of 0.5 million bpd in 2024.
*OPEC+ Countries List*
Algeria
Angola
Equatorial Guinea
Gabon
Iran
Iraq
Kuwait
Libya
Nigeria
Republic of the Congo
Saudi Arabia
United Arab Emirates
Venezuela
*Non-OPEC Countries*
Azerbaijan
Bahrain
Brunei
Kazakhstan
Malaysia
Mexico
Oman
Russia
South Sudan
Sudan
No comments:
Post a Comment