Oil price up after OPEC cuts: what’s going on – Corriere.it
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The price of oil on the rise after the new cuts decided yesterday by OPEC+ for 2024. The prices of WTI crude oil from Texas saw a flare of 5% before reducing growth to +1.1% at 72.55 dollars per barrel. Brent in the North Sea is also advancing (76.9% +1.01%). Under the deal, countries will have to maintain their current production target through the end of the year with a target of 40.46 million barrels for 2024.
OPEC+ decision
The decision by members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to extend crude oil production cuts to 2024 helps improve market stability and prevent market volatility, Saudi Energy Minister said , Abdelaziz bin Salman, at the end of the meeting which took place in Vienna, as reported by the Saudi-owned pan-Arab broadcaster Al Arabiya. The agreement reached is unprecedented. The recent measures reflect our responsibility as the central bank for oil, he added. We want to show the world that we have the tools to stabilize the oil market, continued the Saudi minister, explaining that he is not worried about next year’s supplies. According to an OPEC note, the new oil production target for 2024 has been set at 40.46 million barrels per day with the aim of ensuring market stability.
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