The alliance of 23 countries set a production target of around 2024. This means a reduction in total OPEC+ production by 1.4 million barrels per day.
Saudi Arabia will voluntarily produce one million barrels a day less this July. The price of oil has been on a downward trend for about a year. In mid-2022, a barrel of OPEC oil cost around $115, now it's about $75.. Allianz has a global market share of about 40 per cent.