The Organization of Petroleum Producing and Exporting Countries and its allies “OPEC +” may study further production cuts during its next meeting in a few days, according to sources in the organization.
-
“OPEC +” may consider further production cuts, despite warnings from the “international energy”
Two sources in the Organization of Petroleum Producing and Exporting Countries and its allies, OPEC +, said today, Tuesday, that the group “may study further production cuts” during its next meeting.
In parallel, five sources in the organization suggested that “OPEC +” adhere to the current oil production policy, at its next meeting on December 4, noting that “OPEC + is considering holding the meeting remotely.”
International Energy Agency: OPEC + should think about the fragile global economy
And the head of the International Energy Agency said, earlier today, that “OPEC +” must “take into account the very fragile state of the global economy, when discussing further cuts to oil supplies, during its next meeting.”
In the same context, the Executive Director of the International Energy Agency, Fatih Birol, stated, in an interview, that “it will be very important for the” OPEC + “countries to consider the very fragile global economic situation, as some of their main customers are about to slide into recession,” according to “Bloomberg” agency. American.
Birol added, “The ministers who will meet at the end of this week should take note of the situation in developing countries.”
And the “OPEC +” alliance announced in early October, about Reducing production during the current and next monthat a rate of two million barrels per day, a step that Birol wants the organization to reconsider.
And she was Saudi Arabia “categorically” denied it last weekWhat was raised in foreign newspapers regarding its discussion with “OPEC +” producers, increasing production by 500,000 barrels per day, and Saudi Energy Minister Abdulaziz bin Salman said, “It is known, and it is no secret to anyone, that OPEC + does not discuss any decisions before its meetings.” .
He pointed out that “the current cut of two million barrels per day by” OPEC + “will continue until the end of 2023,” explaining that “if there is a need to take further measures to reduce production to restore balance between supply and demand, we are always ready to intervene.”
Oil and natural gas prices have recorded high levels since the beginning of 2022, especially after the Ukrainian crisis and the continued imposition by Western countries of broad and strict sanctions on Russia and energy exports, mainly including the oil and gas sectors.