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Oil-producing countries have announced plans to further reduce production

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Oil-producing countries have announced plans to further reduce production

On Sunday the OPEC+ countries, the largest organization of oil-producing countries in the world, announced new cuts in oil production, in addition to those already announced in recent months: also in this case the goal is to avoid a further drop in the oil prices, which recently fell to their lowest levels for a number of reasons, including the banking crisis involving two US institutions and which led to the bailout of Credit Suisse by the Swiss bank UBS.

The largest cuts were announced by Saudi Arabia, which announced a cut of one million barrels of oil per day starting in July, coming to less than 9 million barrels per day for the first time in over a decade: the cut adds to the 500,000 barrels per day cut already announced last April. At the end of a meeting that lasted approx set hours in Vienna, the other OPEC+ countries instead declared their intention to extend the cuts decided in April also to 2024, amounting to 1.15 million barrels per day, about 1 percent of world production.

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