Vienna hosted this Sunday the meeting of the OPEC+ oil and energy ministers, who agreed to extend the cut in current oil pumping for another year, until 2024.

The representatives of the 23 countries that make up the group also made decisions regarding the internal distribution of the production quota, starting next January 1, 2024, which will leave the total supply of the country at 40.46 million barrels per day (mbd) cluster.

The measures applied so far in terms of voluntary reductions and cuts do not seem to have the desired result. Hence, the OPEC+ ministerial declaration in Vienna this Sunday.

Delegates will meet again on November 26. Meanwhile, the value of Brent is holding at $76.08 after Friday’s close. For its part, Texas intermediate oil (WTI) reached $71.74.

During the organization’s meeting, the name of Venezuela came to the fore, given that the Secretary General of OPEC, Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, pointed out that the South American country has been “key, historical and prominent among the five founders of the organization and their relationship over the decades.

M.Pino

Source: finanzasdigital

(Reference image source: Unsplash, in collaboration with Getty Images)

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