The negotiations were long and tough. Then the alliance of 23 countries was able to agree on a future production volume.
According to its own statements, the oil cartel Opec+ wants to produce around 40 million barrels (159 liters each) a day in the coming year. According to calculations by the Russian agency Tass, this means a reduction in the total Opec+ production volume by 1.39 million barrels per day. The alliance of 23 countries made this decision on Sunday in Vienna. It was preceded by hours of tough negotiations.
In the run-up, Saudi Arabia in particular had fueled speculation that a decision on a further production limit could be made. Russia, on the other hand, had signaled that there was no additional need for action. In April, a production cut of 1.66 million barrels (each 159 liters) per day until the end of the year was decided to stabilize the oil price.
Apart from a brief spike in April, oil prices have been falling for around a year. In mid-2022, a barrel of OPEC oil cost around $115; it is currently around $75. Verbund had already reacted to this development in October 2022 and decided to cut production by two million barrels a day. Allianz has a global market share of around 40 percent.
Source: Stern
