Two sources participating in the OPEC Plus talks told Reuters that the alliance of oil-producing countries had reached a consensus on crude production cuts.
A delegate participating in the OPEC+ coalition talks told Reuters that the group’s meeting today, Thursday, to discuss production levels in 2024, focuses on new cuts for the first quarter of no less than 1.3 barrels per day.
Another source added that the total production cuts may approach two million barrels per day based on the outcome of negotiations between members today.
Meanwhile, Algerian Minister of Energy and Mines, Mohamed Arkab, told Reuters that the OPEC+ group meeting today, Thursday, to discuss oil production levels in 2024, may meet again before the end of the year.
He added that Algeria agreed to an additional reduction in oil production by 50,000 barrels per day next January.
In this context, a source at the OPEC Plus meeting said that Saudi Arabia is preparing to reduce production by one million barrels per day in early 2024 under the terms of the group’s agreement on Thursday, with Russia contributing a reduction of 500,000 barrels per day, according to Reuters.
The source added that other members of the producer alliance are also expected to contribute additional discounts.
A delegate told Reuters that the meeting of the OPEC Plus Joint Ministerial Monitoring Committee ended today, Thursday, without making recommendations regarding production levels in 2024.
Two other delegates later confirmed that no recommendation had been made.
The committee held its meeting before the meeting of ministers of the OPEC Plus group of oil-producing countries, which begins today, Thursday.
Also in this context, an OPEC Plus delegate said on Thursday that Brazil is expected to join the alliance as of next January.
“OPEC Plus” includes the countries of the Organization of the Petroleum Exporting Countries (OPEC) and producers from outside it, led by Russia.
