Saudi Arabia relies on a fairly high oil price to cover all government spending.
(Photo: Reuters)
Frankfurt OPEC-plus lowers its production target for 2024 to around 40 million barrels a day. This was announced by the oil cartel on Sunday after its meeting in Vienna. This reduces the production volume by almost 1.4 million barrels per day compared to the currently targeted production.
The oil-exporting countries have made no changes to the planned oil production cuts for this year. Saudi Arabia will also implement an additional one-month voluntary production cut of one million barrels a day starting in July, according to industry service Energy Intelligence and the Saudi Press Agency. The reduction can be extended if necessary.
The negotiations between the Opec-plus countries lasted longer than usual this Sunday in Vienna. According to Bloomberg, the reason for this was a conflict with the African members of the oil cartel.
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