OPEC+ agrees voluntary oil production cuts – By Al Jazeera and News Agencies (Al Jazeera) / Nov 30, 2023
Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output cuts for th first quarter of 2024.
OPEC+ producers have agreed to voluntary oil output cuts for the first quarter next year in an attempt to boost the market, but crude prices fell after the move.
Saudi Arabia, Russia and other members of OPEC+, who pump more than 40 percent of the world’s oil, met online on Thursday and issued a statement summarising countries’ voluntary cut announcements.
OPEC+ also invited Brazil to become a member of the group. The country’s energy minister said it hoped to join in January.
Oil prices fell after rising by more than 1 percent earlier in the session after OPEC+ producers agreed to the cuts. Benchmark Brent crude for February futures were over 2 percent lower at just under $81 a barrel at 18:36 GMT.
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