https://sputnikglobe.com/20230604/saudi-arabia-negotiates-cuts-of-oil-production-quotas-with-african-countries---reports-1110901032.html
Saudi Arabia Negotiates Cuts of Oil Production Quotas With African Countries - Reports
Saudi Arabia Negotiates Cuts of Oil Production Quotas With African Countries - Reports
Sputnik International
Saudi Arabia has demanded that African oil producers cut their production quotas, American news outlet reported on Sunday, citing sources.
2023-06-04T11:38+0000
2023-06-04T11:38+0000
2023-06-04T11:38+0000
economy
middle east
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Saudi Energy Minister Prince Abdulaziz bin Salman invited some African delegates to his hotel in Vienna on Saturday and told them that their production quotas would be cut. At the same time, the kingdom has discussed with the United Arab Emirates the possibility of increasing the country's production quota, the newspaper added. A series of meetings of OPEC+ countries will be held on Sunday in Vienna to discuss the situation in the oil market and the fate of the deal to limit production. Although no changes to the oil production deal are expected, media reported on Friday that the OPEC+ group is discussing an additional oil production cut of 1 million barrels per day, among other decisions for the meeting. OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the COVID-19 pandemic. In August 2022, the alliance began the final phase of reversing these cuts, but in November it decided to cut production again by 2 million barrels per day from the maximum possible level in August. The decision is in effect until the end of 2023.
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saudi arabia, opec, opec+ framework, oil prices, african oil producers
saudi arabia, opec, opec+ framework, oil prices, african oil producers
Saudi Arabia Negotiates Cuts of Oil Production Quotas With African Countries - Reports
MOSCOW (Sputnik) - Saudi Arabia has demanded that African oil producers cut their production quotas, American news outlet reported on Sunday, citing sources.
Saudi Energy Minister Prince Abdulaziz bin Salman invited some African delegates to his hotel in Vienna on Saturday and told them that their production quotas would be cut.
"They walked out of the meeting without a deal," the sources said.
At the same time, the kingdom has discussed with the United Arab Emirates the possibility of increasing the country's production quota, the newspaper added.
A series of meetings of OPEC+ countries will be held on Sunday in Vienna to discuss the situation in the oil market and
the fate of the deal to limit production. Although no changes to the oil production deal are expected, media reported on Friday that the OPEC+ group is discussing an additional oil production cut of 1 million barrels per day, among other decisions for the meeting.
OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the COVID-19 pandemic. In August 2022, the alliance began the final phase of reversing these cuts, but in November it decided to cut production again by 2 million barrels per day from the maximum possible level in August. The decision is in effect until the end of 2023.
