Cartel Opec+ wants to produce less oil next year

The oil cartel Opec+ wants to pump 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 for the production target of 2024 on Sunday in Vienna. It was preceded by hours of tough negotiations.

Previously, 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.

A production cut of 1.66 million barrels a day by the end of this year was already decided in April to stabilize the oil price. Apart from a brief spike in April, oil prices have been falling for around a year. In October 2022, the cartel reacted to this development and decided to cut production by two million barrels a day. Allianz has a global market share of around 40 percent.