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Thursday, December 07, 2023

OPEC+ members at odds after last meetingnote

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.


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