In April, the oil cartel surprised with production cuts, now there is a dispute about which country should produce how much oil.
(Photo: Reuters)
Frankfurt Opec plus members have agreed to extend their agreements on production cuts until 2024. In addition, Saudi Arabia will make an additional voluntary subsidy cut, according to the Bloomberg news agency and a journalist from 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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