Russia agreed to extend the agreement with OPEC to reduce oil production by 500,000 barrels. According to him, the OPEC+ countries as a whole will produce from January 1, 2023 to January 31, 2024 at 40.46 million barrels per day.
Quotas for each state included in the organization are determined separately. For Russia and Saudi Arabia, the largest exporters of OPEC +, they will amount to 9.828 million and 10.478 million barrels per day. Russia is extending this agreement for the third time. Previously, she agreed to cut production from March 1 to early June, and then until the end of 2023.
As Bloomberg wrote , the start of the OPEC + meeting in Vienna was delayed due to disputes over quotas for African countries. On the one hand, Saudi Arabia demanded to reduce their quotas and, at the same time, discussed with the UAE an increase in their limits.
In April, the price of Brent oil fell to almost $70 per barrel and rose to $87 after the decision to cut its production. However, on June 2, trading closed at $76.4 per barrel.
The Wall Street Journal reported that before the meeting in Vienna, Saudi Arabia was unhappy with Russia. According to the Saudis, the Russian Federation has not fulfilled all its obligations to reduce oil production.