An oil field in Saudi Arabia. © Ali Haider/EPA/dpa
The negotiations were long and tough. Then the alliance of 23 countries was able to agree on a future production volume.
Vienna - The oil cartel Opec+ says it wants to produce around 40 million barrels (159 liters each) a day next year. According to calculations by the Russian agency Tass, this means a reduction in total OPEC+ production by 1.39 million barrels per day. This decision was made by the alliance of 23 countries on Sunday in Vienna. It was preceded by hours of tough negotiations.
In the run-up, Saudi Arabia in particular had fuelled speculation that there could be a decision on a further production limit. Russia, on the other hand, had signaled that there was no need for additional action. In April, a production cut of 1.66 million barrels (159 liters each) per day until the end of the year was decided to stabilize the oil price.
Apart from a brief rise in April, the price of oil has been falling 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