Oil cartel: Opec+ advises on funding strategy

oil cartel
Opec+ advises on funding strategy

Headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna. photo

© Wang Zhou/XinHua/dpa

Saudi Arabia is flirting with possible surprises, Russia sees no need for action because of the current oil price: Opec+ is discussing its funding policy in Vienna today.

The oil cartel Opec+ will again discuss its funding policy in Vienna on Sunday. In the run-up, there were different signals for further action. On the one hand, Saudi Arabia pointed to possible surprises, on the other hand, Russia indicated that the current oil price does not require any further action.

Members of the cartel from a total of 23 countries had already decided to cut production again at the beginning of April. By the end of the year, they want to reduce the production volume by 1.66 million barrels (159 liters each) per day to stabilize the oil price. Energy experts expect the cartel members to confirm the current production rate on Sunday but underscore their heightened vigilance.

Apart from a brief spike in April, oil prices have been falling for around a year. In mid-2022, a barrel of OPEC oil cost around $115; it is currently around $75. Allianz has a global market share of around 40 percent.


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