OPEC+ countries agreed to further reduce oil production by 2 million b/d

At today's online meeting of OPEC+, the alliance countries reached a preliminary agreement on a further total reduction in oil production by 2 million barrels per day. The reduction of 1 million b/d is assumed by Saudi Arabia and 1 million b/d by the other participating countries.

The agreement was not reached immediately – the originally scheduled meeting was postponed from November 26 to November 30. According to The Wall Street Journal, Saudi Arabia, the world's largest oil producer, insisted on additional cuts, while the largest oil producers in Africa (Nigeria and Angola) were against reducing their individual quotas. The United Arab Emirates was also reluctant to reduce.

In general, OPEC+ countries, including Saudi Arabia and Russia, provide about 40% of the world's oil supply, which is approximately 43 million barrels per day. In accordance with the current agreements, OPEC+ countries adhere to commitments to reduce production by 5 million barrels per day.

After the end of the OPEC+ meeting, Brent oil quotes began to grow, updating 3-month highs above the level of $84 per barrel.