OPEC+ members agreed on 30/11/2023 to voluntary output cuts totalling 2.2 million barrels per day (bpd) for early next year. The decision was anchored by Saudi Arabia rolling over its current voluntary cut of 1 million bpd.
The decision received substantial resistance from several members of the cartel.
This note sheds light on the issues that surfaced from the last meeting, including:
- The members who resisted the decision
- Their condition for accepting further production cuts
- Saudi concerns over “cheating” from several members
This note also highlights the Kingdom’s action plan for next year as tensions might deepen even further.
