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