An oil field in Saudi Arabia. © Ali Haider/EPA/dpa
The negotiations were long. Then the alliance of 23 countries was able to agree on a future production volume.
Vienna - The oil cartel Opec+ is continuing its course of production cuts in the face of falling oil prices. The alliance of 23 countries set a production target of around 2024.40 million barrels (4 liters each) per day for 159. According to the Russian agency Tass, this means a reduction in total OPEC+ production by 1.4 million barrels per day.
In addition, Saudi Arabia will voluntarily produce one million barrels a day less this July, the country's energy minister, Abdulasis bin Salman, said in Vienna. This measure could be extended. As early as April, some members of the alliance had agreed on a temporary significant reduction in production.
These decisions were made by the alliance led by Saudi Arabia and Russia after about seven hours of negotiations. Due to the shortage of supply, the price of gasoline is likely to rise again, at least in the short term.
Apart from a brief rise in April, 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. 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 about 40 percent. Dpa