OPEC+ decision to maintain production marks end of oil’s turbulent year
The Saudi- and Russian-led cartel has both increased and decreased oil production this year, affecting global oil prices and relations with the United States in the process.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies have decided against making any major changes to their collective oil production.
The so-called OPEC+ alliance held its scheduled meeting Sunday, during which they agreed to maintain the 2 million barrels per day cut they agreed to in October. OPEC+ will wait for more “market clarity” before making any changes, according to S&P Global.
The price of Brent crude oil rose from around $85.70 a barrel to more than $88 a barrel Sunday in response to the news. Today, the price fell to just above $83 a barrel, according to market data. Brent crude is widely considered the benchmark for global oil prices.
OPEC includes many Middle Eastern nations, and Saudi Arabia is its largest oil producer. Russia is the most prominent non-OPEC member state in OPEC+.
