According to informed circles, the oil association OPEC wants to further reduce its production next year. In addition to oil giant Saudi Arabia extending existing restrictions, other member countries wanted to reduce their supply, the Bloomberg news agency reported, citing OPEC delegates.
Accordingly, the additional production restrictions should amount to one million barrels (159 liters each) per day. Saudi Arabia will continue its current cuts of one million barrels per day next year, it said.
Oil prices then fell. Both the North Sea Brent and the US West Texas Intermediate (WTI) fell by around two US dollars per barrel. The reason for this is probably that the cuts were not communicated by the association as a whole, but by individual member states. Market observers speculated that there was a lack of unity.
In a joint statement, the slightly more than twenty OPEC states announced that Brazil should join the production network at the beginning of next year. The country is considered an up-and-coming oil producer that has steadily expanded its production in recent years.
Before the OPEC meeting, oil prices had risen. A barrel (159 liters) of North Sea Brent for delivery in January cost $83.58 on Thursday morning. That was 48 cents more than the day before. The price for a barrel of the American variety West Texas Intermediate (WTI) rose by 47 cents to $78.33.