OPEC Plus will continue oil output cuts as prices remain unchanged
OPEC Plus, the group of major oil producers, said it would continue its recent cuts in output, but Saudi Arabia said it would cut further for at least a month.
The group of major oil-producing countries known as OPEC Plus agreed on Sunday to embark on a complex effort to adjust production as it aimed to halt the recent slide in oil prices, including an additional cut in output of one million barrels a day by Saudi To install Arabia.
The agreement, the result of lengthy negotiations on Saturday and Sunday, reworks the output quotas of several countries, with the United Arab Emirates gaining and some others losing production levels. “This is definitely not a clean and simple deal,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm.
Comments at the news conference after the meeting revealed skepticism that Russia was abiding by those lower production levels. High Russian production levels, and its increased share of Asian markets including India, often at the expense of Middle East oil producers, have become a sensitive issue in the group.
OPEC Plus, the group of major oil producers, said it would continue its recent cuts in output, but Saudi Arabia said it would cut further for at least a month.
The group of major oil-producing countries known as OPEC Plus agreed on Sunday to embark on a complex effort to adjust production as it aimed to halt the recent slide in oil prices, including an additional cut in output of one million barrels a day by Saudi To install Arabia.
The agreement, the result of lengthy negotiations on Saturday and Sunday, reworks the output quotas of several countries, with the United Arab Emirates gaining and some others losing production levels. “This is definitely not a clean and simple deal,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm.
Comments at the news conference after the meeting revealed skepticism that Russia was abiding by those lower production levels. High Russian production levels, and its increased share of Asian markets including India, often at the expense of Middle East oil producers, have become a sensitive issue in the group.
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