LINE

    Text:AAAPrint
    Business

    OPEC alliance extends reduced oil production

    2023-06-05 08:05:43chinadaily.com.cn Editor : Li Yan ECNS App Download

    The Organization of the Petroleum Exporting Countries, or OPEC, agreed on Sunday along with allied nations to extend a cut in oil production.

    The decision was made at a meeting of the OPEC Joint Ministerial Monitoring Committee, or JMMC, which comprises representatives from OPEC's 13 core member nations and 11 allied non-member countries.

    The 24-nation bloc met at OPEC's headquarters in Vienna, Austria, where delegates mulled the organization's latest report on the oil market following lengthy delays and pre-meeting huddles, the Bloomberg news agency reported.

    After seven hours of talks, the JMMC decided OPEC and its allies would extend cuts in crude oil output that were agreed at a previous meeting beyond the initial expiry date of December 2023 into 2024.

    The bloc also said it would reduce overall production targets from 2024 by a further total of 1.4 million barrels per day.

    Reuters quoted Saudi Arabia's Energy Minister Prince Abdulaziz as saying the country would make an additional voluntary cut in its crude oil production, from July of 1 million barrels a day.

    Sunday's gathering of the JMMC followed OPEC's core members holding their 186th regular meeting on Saturday, also in Vienna.

    The last face-to-face meeting of OPEC was in October 2022, when delegates decided to cut crude oil production by 2 million barrels a day.

    Several OPEC nations followed that up on April 2 with an additional voluntary cut, which Russia's news agency TASS said equated to another 1.66 million barrels a day of reduced output; meaning the organization had already decided to cut production by almost 3.7 million barrels a day before Sunday's meeting.

    The Reuters news agency said Sunday's agreement to further cut production was aimed at mopping up what OPEC sees as a glut in the amount of oil available globally, which it says has kept the selling price of oil too low.

    OPEC produces around 40 percent of the world's crude oil.

    Other major producers that are not part of the OPEC bloc, including the United States, have decided in the past to offset some of the production cuts made by OPEC by ramping up their own production.

    The voluntary cut in production announced in April pushed the price of oil up by around $9 a barrel, to $87 a barrel. However, prices settled back down fairly quickly and the cost of international benchmark Brent crude sat at $76 a barrel on Friday, which was close to a selling-price low last seen in December 2021.

    The Agence France-Presse news agency quoted United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei as saying ahead of Sunday's meeting that delegates were looking to "balance the market and ensure we are ready for any challenges in the future".

    Related news

    MorePhoto

    Most popular in 24h

    MoreTop news

    MoreVideo

    LINE
    Back to top About Us | Jobs | Contact Us | Privacy Policy
    Copyright ©1999-2023 Chinanews.com. All rights reserved.
    Reproduction in whole or in part without permission is prohibited.
    [網上傳播視聽節目許可證(0106168)] [京ICP證040655號]
    [京公網安備 11010202009201號] [京ICP備05004340號-1]
    主站蜘蛛池模板: 万安县| 邓州市| 视频| 榆中县| 巴中市| 加查县| 泗阳县| 竹溪县| 桂平市| 崇文区| 玉屏| 通渭县| 靖远县| 湘阴县| 平阴县| 汶上县| 上栗县| 平顺县| 青神县| 商丘市| 壶关县| 汉阴县| 巢湖市| 赤城县| 耒阳市| 淳安县| 四川省| 无为县| 蒲江县| 牙克石市| 阳东县| 平乡县| 海门市| 安龙县| 杭锦后旗| 吉安市| 株洲市| 永州市| 刚察县| 定边县| 图木舒克市|