Opec cartel to extend cuts to oil output in bid to prop up prices
6 months, 3 weeks ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high US production and an economic slowdown in China is weighing on the market. It came as Saudi Arabia completed a $12bn Saudi Aramco share sale on Sunday to fund crown prince Mohammed Bin Salman’s ambitious ‘Vision 2030’ plan to transform the Saudi economy away from oil and towards industry and tourism. In a statement, Opec members said their move aimed to “achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market”.

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