Ongoing talks at the OPEC meeting to cut oil: OPEC, a group of countries that sell a lot of oil, has decided to reduce how much oil they make during a meeting with Russia and other friends who also produce oil. The Russians want to make more money from selling oil.
The Organization of Oil Exporting Countries (OPEC), led by Saudi Arabia, along with other countries like Russia, is planning to talk about making less crude oil in their next meeting. Even though everyone is trying to help keep oil prices stable around the world, the value of oil has gone down recently. Experts think OPEC and its friends are working together to agree on cutting down how much oil they produce.
Ongoing talks at the OPEC meeting to cut oil
OPEC is willing to find a middle ground on producing less oil. George Lyon, a top person at Rystad Energy, said the group decided to have their meeting four days earlier than planned, showing that it won’t be easy to reach a new agreement. More info about Ongoing talks at the OPEC meeting to cut oil production, Russia wants more earnings from oil.
He said, “Despite the challenges, we still think OPEC and other countries can agree to make less oil.” This hope comes from each country understanding the need to produce less oil to keep prices stable in 2024.
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Russia wants to make more money from selling oil because they are facing problems from the West. On the other hand, the International Monetary Fund says Saudi Arabia needs to make about for each barrel of oil to meet its financial goals.
It’s interesting to note that OPEC countries are meeting on the same day the United Nations Climate Conference starts in the UAE, which is also an OPEC member. The global benchmark for oil, Brent crude, has been around in recent weeks, showing worries about having too much oil in a world economy that’s not doing well.
In recent electronic trading on the New York Mercantile Exchange, Brent crude went up by 68 cents, reaching .56 per barrel on Thursday. At the same time, US crude increased by 62 cents, reaching .48 per barrel.
