June 21, 2024

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Saudi Arabia Seeks OPEC+ Oil Quota Cuts While Some Members Resist

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Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said.

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(Bloomberg) — Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said.

The OPEC+ leader has been making a largely unilateral supply cutback of 1 million barrels a day since July, and is now seeking further support from across the Organization of Petroleum Exporting Countries and its partners, said the delegates, asking not to be identified because the information is private. 

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Bloomberg News

2023-11-27 11:19:09

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