{"id":1943743,"date":"2023-06-04T07:16:02","date_gmt":"2023-06-04T11:16:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-meets-to-debate-production-quotas-new-cut-sources\/"},"modified":"2023-06-04T07:17:57","modified_gmt":"2023-06-04T11:17:57","slug":"opec-meets-to-debate-production-quotas-new-cut-sources","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-meets-to-debate-production-quotas-new-cut-sources\/","title":{"rendered":"OPEC+ to discuss production quotas and potential new cuts \u2013 sources."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fopec-meets-to-debate-production-quotas-new-cut-sources%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1943743&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>OPEC and Allies Meet to Discuss Production Cuts<\/h2>\n<p>By Maha El Dahan, Alex Lawler and Ahmad Ghaddar<\/p>\n<blockquote>\n<p>OPEC and its allies will meet on Sunday to debate a new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-meets-to-debate-production-quotas-new-cut-sources\/\" title=\"OPEC+ to discuss production quotas and potential new cuts \u2013 sources.\">deal possibly adjusting countries\u2019 output quotas<\/a> for this year and next and a further cut in production, sources told Reuters, as the group faces flagging oil prices and a looming supply glut.<\/p>\n<\/blockquote>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">\n  <script> googletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); }); <\/script>\n<\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p>OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world\u2019s crude, meaning its policy decisions can have a major impact on oil prices.<\/p>\n<p>Four sources familiar with OPEC+ discussions have told Reuters that additional production cuts were being discussed among options for Sunday\u2019s session. <\/p>\n<p>\u201cWe are discussing the full package (of changes to the deal),\u201d one of the four sources said.<\/p>\n<p>Three out of four sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. <\/p>\n<p>The April announcement helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76. [O\/R]\n<p>If approved, the new cut would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand.<\/p>\n<p>Typically, production cuts take effect the month after they are agreed but ministers could also agree a later implementation. They could also decide to hold output steady.<\/p>\n<h3>Baselines for 2023 and 2024<\/h3>\n<p>Three OPEC+ sources also said that the group will address the issue of baselines for 2023 and 2024, from which each member performs cuts.<\/p>\n<p>Such talks have previously turned contentious. <\/p>\n<p>West African countries such as Nigeria and Angola have long been unable to produce in line with their targets but have opposed lower baselines because new targets could force them to perform real cuts.<\/p>\n<p>By contrast, the UAE has insisted on getting higher baselines in line with its growing production capacity, but that would mean its share in the overall cuts might decrease.<\/p>\n<p>Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused OPEC of siding too much with Russia despite Western sanctions over Moscow\u2019s invasion of Ukraine.<\/p>\n<p>In response, OPEC insiders and watchers have said the West\u2019s money-printing over the last decade has driven inflation and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-begins-meetings-which-may-agree-further-output-cuts-sources\/\" title=\"OPEC+ meets to discuss potential output cuts - sources.\">forced oil-producing nations<\/a> to act to maintain the value of their main export.<\/p>\n<p>Asian countries such as China and India have bought the lion\u2019s share of Russian oil exports and refused to join Western sanctions on Russia.<\/p>\n<p>OPEC has denied media access to its headquarters to reporters from Reuters and other news media.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC and allies will discuss a new deal on Sunday, considering output quota adjustments for this year and next, and a potential production cut. The group is grappling with low oil prices and a potential supply glut.<\/p>\n","protected":false},"author":66,"featured_media":1943744,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[3862,4480,23480,4238,4757,17574,3618,6409],"class_list":["post-1943743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-cuts","tag-discuss","tag-opec","tag-potential","tag-production","tag-quotas","tag-riot","tag-sources"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1943743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1943743"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1943743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1943744"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1943743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1943743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1943743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}