(Bloomberg) — OPEC+ reached an agreement to extend output cuts into 2024, a delegate said, without giving details on the size of the supply reductions. Saudi Arabia will make an additional voluntary cut as part of the accord.
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The deal came after a long dispute with African members over how their cuts are measured, which delayed the start of the group’s conference by several hours. The disagreement prompted a flurry of side meetings as ministers haggled over the details.
The standoff arose because the United Arab Emirates was pushing for a change to the baseline against which its output cuts are measured, according to delegates. The UAE’s gain would have come at the expense of African countries asked to give up some of their unused quota — a politically unpalatable option for them.
The Organization of Petroleum Exporting Countries and its allies are moving toward fresh production curbs to bolster prices just two months after unveiling a surprise cut….
2023-06-04 10:48:21
Article from finance.yahoo.com
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