11:46 - 28.11.2023

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November 28, Fineko/abc.az. Saudi Arabia offers other OPEC+ members to reduce oil production quotas in order to support world markets.

ABC.AZ reports with reference to Bloomberg that Saudi Arabia has been unilaterally cutting supplies by 1 million b/d since July and is now seeking support from all members of the OPEC and its partners.

Saudi Arabia's proposal was made amid negotiations between OPEC+ participants, who had to postpone the meeting for four days due to the fact that Angola and Nigeria do not agree with the reduction of quota limits for 2024.

"Iraq, Russia and Kazakhstan have recently exceeded their quotas, while other countries, for example, African members, have lost so much production capacity that they are unable to reduce supplies further," the agency said.