OPEC discusses deepening oil production cuts

Three sources in OPEC said that OPEC and its allies are discussing deepening oil production cuts by up to 1 million barrels per day, on top of the current cuts of 2 million barrels per day and the voluntary cuts of 1.6 million barrels per day that were announced in a surprise move in April. If the cuts are approved, the total volume of cuts will rise to 4.66 million barrels per day, or about 4.5% of global demand, as OPEC and its allies pump about 40% of global crude.

And the International Energy Agency expects that global demand for oil will rise more in the second half of 2023, which may boost oil prices, and Iraqi Oil Minister Hayan Abdul Ghani said upon his arrival in Vienna, “We will never hesitate to take any decision to achieve more balance and stability in the oil market.” Globalism”