OPEC Plus, which is made up of major oil-producing countries such as Saudi Arabia and Russia, held a ministerial meeting on the 30th. Unable to agree on additional production cuts, several member states have announced that they will voluntarily reduce production by a total of 3.1 million barrels per day until the end of March next year.
OPEC = Organization of the Petroleum Exporting Countries led by Saudi Arabia and OPEC Plus, which is made up of non-member oil-producing countries such as Russia, held an online ministerial meeting on the 30th.
The meeting was originally scheduled to be held on the 26th, but the meeting was postponed to the 30th due to reports that some African countries were reluctant to support Saudi Arabia's further production cuts to support oil prices.
As a result of the meeting, OPEC Plus was unable to agree on additional production cuts and decided to maintain the current scale of coordinated production cuts.
On the other hand, several member states, including Saudi Arabia and Iraq, have announced that they will voluntarily reduce production by a total of 1.3 million barrels per day from January to the end of March next year.
Of these, Saudi Arabia will cut production by 1 million barrels per day, and Russia will cut production by an additional 220,1 barrels per day.
Crude oil prices have been on a downward trend against the backdrop of concerns about a slowdown in the global economy.
It will be interesting to see how OPEC Plus' failure to take concerted action will affect the oil market.