Waning influence of OPEC+ in spotlight as prices flag - News Summed Up

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Waning influence of OPEC+ in spotlight as prices flag


Prices are sitting at their lowest level in nearly six months despite the cartel's announcement in November to further cut output. In an effort to prop up prices, the OPEC+ alliance has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022. Furthermore, the OPEC+ alliance was unable to agree on a group-wide production cut that all 23 members would have supported. Founded in 1960, the 13-member OPEC cartel in 2016 partnered up with 10 other producers to form OPEC+ to gain more clout. At the COP28 summit in Dubai, OPEC Secretary-General Haitham Al Ghais urged OPEC+ members in a heavily criticized letter to "proactively reject" any language that "targets" fossil fuels rather than emissions.


Source: Libya Today December 21, 2023 10:55 UTC



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