Opec+ slashes oil output further to boost flagging prices
- Saudi Arabia is extending its voluntary cut of 1 million barrels per day, Russia will slash exports by 500,000 barrels, with other members to make smaller cuts
- Major producer Brazil has been invited to join the group from next year
Major oil-producing nations Saudi Arabia and Russia on Thursday announced they would further slash production in an effort to prop up volatile prices following an Opec+ meeting.
The meeting also saw major producer Brazil declared as joining the grouping from next year, according to a statement by the Organization of the Petroleum Exporting Countries (Opec).
Brazil’s Energy Minister Alexandre Silveira, who attended the meeting, called it a “historic moment for Brazil”, but added his ministry still needed to study “in detail” the invitation to join the group.
Following the virtual meeting of ministers from the 23-member Opec+ alliance, Riyadh announced it would extend its voluntary oil production cut of 1 million barrels per day until March 2024.
Moscow said it would slash oil exports by 500,000 barrels a day – up from 300,000 barrels a day so far – until March, following tough, hours-long talks.
Other countries, such as the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, will also make smaller cuts, according to the Bloomberg news agency.