The cut is stronger than expected. The OPEC and other producing countries, such as Russia, have agreed to further curb oil production. The 24 countries want to pump 500,000 barrels (159 liters per liter) of oil per day less from the ground from January than at present.
For three years, the so-called Opec + with its heavyweights Saudi Arabia and Russia has been trying to influence the price of oil with such subsidy limits - so far without sustainable success.
On Friday, however, oil prices rose significantly with the announcement of the agreement. A barrel of North Sea Brent
According to experts, demand for opec oil will decline significantly in the first half of 2020, but this effect could soon be reduced again. It is therefore difficult to make forecasts for the gas prices at petrol stations.
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The so-called Opec + had agreed a year ago on a production cut of 1.2 million barrels of oil per day compared to October 2018. Recently, however, the 24 states even produced about 1.6 million barrels of oil per day less, especially because Saudi Arabia exceeded its commitments.
With the new deal, the producing countries now want to produce 2.1 million barrels of oil per day less than in October 2018. Of this, a cut of 1.7 million barrels of oil per day among the Member States was divided, the remaining restriction of 400,000 barrels afford only a few States on a voluntary basis, especially Saudi Arabia. In effect, the cut is 500,000 barrels per day compared to the current level of production.
According to the International Energy Agency (IEA), 28.3 million barrels of opec oil a day are needed in the first half of next year, but Kartell claims to have produced 29.7 million barrels a day. Even with the surprisingly high cut, the OPEC will produce even more than the IEA calculated demand.
"We wanted to make sure that the numbers that we commit ourselves to are credible and tested," said Saudi Arabia's Energy Minister Abdulaziz bin Salman. He strongly believes that the cooperation of the 24 "Opec +" countries will continue and become even more effective. Russia's Energy Minister Alexander Nowak said the decision does not cause problems for the oil market and prices.
Especially Saudi Arabia was recently interested in a higher oil price, because not least the state budget of the country depends heavily on the revenues of the raw material. In addition, the IPO of the oil giant Saudi Aramco probably played a role in the talks at the Opec headquarters in Vienna.
Shares of the world's highest-rated listed corporation are expected to be listed on the stock exchange of the Arabian kingdom, Tadawul, next Wednesday. Saudi Aramco had set the final issue price on Thursday at 32 riyal ($ 8.53).