Saudi Arabia is said to have decided to voluntarily slash crude oil production further, Energy Intelligence's Amena Bakr wrote on Sunday, as the Organization of Petroleum Exporting Countries (OPEC) and its Russia-led allies (OPEC+) gather in Vienna to decide on production baselines in the upcoming period, APA reports citing Teletrader.
The hours-long negotiations continued to drag on further as Nigeria, among other countries, initially disagreed to accept deeper crude oil production cuts, before it ultimately agreed to OPEC+'s suggested plan, delegates told Bakr. Starting in 2024, baseline adjustments will be made for Nigeria, the Congo, and Angola, she reported.
In December, the OPEC+ members decided to leave policy unchanged, deciding to restrict production by 2 million barrels per day. The International Energy Agency warned that additional oil output reductions could only push the commodity's prices higher.