Saudi Arabia relies on a fairly high oil price to cover all government spending.
(Photo: Reuters)
Frankfurt Opec-plus is lowering its production target for 2024 by around 1.4 million barrels per day compared to current production targets. This was announced by the oil cartel on Sunday after its meeting in Vienna. In addition, Saudi Arabia will make an additional voluntary subsidy cut, as reported by the Bloomberg news agency and the Energy Intelligence industry service.
The negotiations between the Opec-plus countries lasted longer than usual this Sunday in Vienna. According to Bloomberg, the reason for this is a conflict with the African members of the oil cartel.
Background: 13 oil-exporting countries – including Saudi Arabia, the United Arab Emirates (UAE), Angola and Venezuela – have joined forces in OPEC to ensure that they can continue to earn good income from the sale of crude oil on the world market. In order to have more influence on the oil market, OPEC is also working with ten non-member countries, including Russia. This cooperation is called Opec plus.
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