Saudi to cut oil production under OPEC+ deal

June 6, 2023

Saudi Arabia will pledge new voluntary production cuts as part of a broader OPEC+ deal to curb output as the group faces lower oil prices and a looming supply glut.

ABOUT ORGANIZATION OF THE PETROLEUM EXPORTING COUNTRIES(OPEC)-

It is a permanent intergovernmental organization of oil-exporting countries.
Headquarters: Vienna, Austria
It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- Currently, it has 13 members, including Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates
It aims to
- coordinate and unify the petroleum policies of its Member Countries.
- ensure stabilization of oil prices in the international oil markets, with a view to eliminating harmful and unnecessary fluctuations.

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world’s crude.

OPEC+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market.
- These nations aim to work together on adjusting crude oil production to bring stability to the oil market.
- The 13 members OPEC group forms the core of this group
- Other than 13 OPEC countries listed above, it includes Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and