The oil and energy ministers of the 23-nation OPEC+ alliance this Sunday reached an agreement to extend by one year, until the end of 2024, the current production cut.
They also reached a compromise on the domestic distribution of their production quota from January 2024, which would leave the group’s total supply at 40.46 million barrels per day, according to the ministerial meeting’s final declaration quoted by Efe.
Thus, both the two million bpd cuts enacted in October 2022 and most of the voluntary cuts announced in April, totaling 1.66 million bpd, remain in place, cuts that have so far has not been applied so far. had the desired effect of raising the price of oil above $80 a barrel.
Brent crude closed Friday at $76.08 and Texas WTI crude was $71.74, a far cry from prices above $100 a barrel a year ago.
The next ministerial conference of the Organization of the Petroleum Exporting Countries (OPEC) and 10 allies led by Russia, members of OPEC+, has been convened on November 26.