OPEC (+): Agreement extension with new distribution on individual quotasOpec Agreement • December 11th, 2019
OPEC and its allies adjusted their collective oil output cut from 1.2 Mbbl/d to 1.7 Mbbl/d (rising the quota by 500 Kbbl/d) adapting the target to most recent production levels where some countries such as Saudi Arabia have surpassed their original quota. In this sense, the cut does not imply an effective additional withdrawal to global supply. It suggests a more equilibrated adherence discipline for the over- and under- compliance records achieved by pact-members and it will redistribute individual targets. Its implementation will be as of January 1st
OPEC: An agreement is finally reachedOpec Agreement • October 3rd, 2016
The OPEC member countries met in Algeria from September 26 to 28. The goal was to lay the foundations for an agreement to reduce oversupply on the market and raise oil prices. The negotiations ended with a consensus to withdraw 750,000 barrels of crude a day from the market, which would place the cartel's total output at 32.5 million barrels a day, a figure similar to that registered at the beginning of the year. The details on the extent of the cut that will correspond to each country will be announced in November during the plenary meeting to be held in Vienna. The decision took the markets by surprise, as they expected a repeat of the failure to reach en agreement during the first half of the year.
SUBJECT: OPEC+ Agreement Extended Through JulyOpec+ Agreement • November 9th, 2021
On behalf of the Royal Embassy of Saudi Arabia, I am pleased to share with you an important development with respect to global energy markets. This development reflects the commitment of the Kingdom of Saudi Arabia to stabilizing the price of oil, particularly as major economies, including the United States, continue to struggle with the challenges of responding to the COVID-19 pandemic.
