• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 9 hours Even Shell Agrees with Climate Change!
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days Does Toyota Know Something That We Don’t?

Breaking News:

OPEC Lifts Production in February

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

OPEC+ Reaches Deal “In Principle” on Oil Output Cuts

  • JMCC delegates: OPEC+ agreed on deal principles.
  • The group agreed to cut production by an additional 1 million bpd starting in 2024, sources suggested.
  • This is in addition to the 1 million bpd Saudi Arabia has been cutting since the summer.

OPEC+ reached a deal on Thursday that would see the group’s oil production cuts spill over into the new year—and at a level that is a deeper cut than is currently in place, delegates said following today’s JMMC meeting.

The group agreed to cut production by an additional 1 million bpd starting in 2024, sources suggested—and this is in addition to the 1 million bpd Saudi Arabia has been cutting since the summer. This has been agreed to “in principle” and will be voted on at the full OPEC+ meeting.

For the specifics of what was agreed to among the OPEC+ members, Algeria agreed to cut January oil production by another 50,000 bpd, according to the country’s energy minister, cited by Reuters, while Saudi Arabia agreed to cut output by 1 million bpd. Russia will cut 500,000 bpd.

At the beginning of the Joint Ministerial Monitoring Committee (JMMC) meeting on Thursday, delegates told media that OPEC+ might discuss deeper oil production cuts for Q1 2024 and that total production cuts might be close to 2 million bpd, depending on the willingness of the countries to contribute. This figure was said to include a rollover of the 1.3 million bpd cuts from Saudi Arabia and Russia. However, the final decision on the plan for 2024 production would only come from a meeting of the full online OPEC+ meeting that is to follow.

Oil prices had extended gains on the reports of deeper cuts next year and were trading 1.5% higher less than half an hour before the full OPEC+ meeting was set to begin.

The extra cuts from members other than Saudi Arabia give the OPEC’s heaviest hitter precisely what it wanted: the other members to chip in to help Saudi Arabia balance the market.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Chris Chiasson on November 30 2023 said:
    Right. Russia will cut 500K. Right......

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News