Brazil to join OPEC+ as Saudi-led bloc agrees to oil cuts
Saudi Arabia, which leads the alliance of oil producers, has been instituting voluntary production cuts in an effort to keep prices up.
The OPEC+ oil cartel agreed on Thursday to cut oil production, following pressure from Saudi Arabia to keep prices up.
The group, which includes members of the Organization of the Petroleum Exporting Countries as well as other oil producers like Russia, opted to cut production by an additional 1 million barrels per day in addition to Saudi Arabia’s current production cut, Bloomberg and The Wall Street Journal reported.
OPEC said in a press release following the virtual meeting that the following countries in the 23-member strong OPEC+ announced voluntary production cuts of the following amounts for the first quarter of 2024:
- Iraq 223,000 bpd
- United Arab Emirates 163,000 bpd
- Kuwait 135,000 bpd
- Kazakhstan 82,000 bpd
- Algeria 51,000 bpd
- Oman 42,000 bpd
