OPEC Plus Aims to Raise Oil Price
According to insiders, OPEC+ is planning to reduce the amount of oil produced in order to increase the price of oil. This decision is to be published in Vienna on 5 October. In addition, the main OPEC organisation is planning to hold the 8th OPEC International Seminar at the Hofburg in Vienna next year. This is one of the premier events in the energy industry calendar.
The OPEC+ plans to significantly reduce the amount of oil produced in the future. / Picture: © Wikimedia Commons; Flcelloguy, CC BY-SA 3.0
According to insiders, the OPEC + organisation plans to significantly reduce the amount of oil produced in the future. A first decision is to be taken at a meeting in Vienna on 5 October. In total, the production of oil is to be reduced by one million barrels per day.
According to the Standard, which refers to insider information, the reduction has already been decided. The cut of one million barrels per day would be the biggest step since the outbreak of the Corona pandemic.
Due to the supply shortage, OPEC + hopes to increase the value of oil prices. In doing so, the organisation is ignoring pleas from key customers such as the US, which has repeatedly asked OPEC+ to increase production to push down the price of oil, according to the Standard. A lower oil price could help boost the global economy.
Major OPEC meeting in 2023
The main OPEC organisation will host one of the most important events in the energy industry calendar in Vienna in 2023.
For this, energy industry stakeholders will be invited to the Hofburg Palace in Vienna on 5 and 6 July to strengthen cooperation and dialogue. The event runs under the title "Towards a sustainable and inclusive energy transition".
Seminar participants include ministers from OPEC Member Countries, countries participating in the "Declaration of Cooperation" and other oil-producing and energy-consuming countries, as well as heads of international organisations, executives from energy companies and financial institutions, and other industry leaders, energy policy makers, academics, analysts, energy experts and journalists.
Commenting on the preparations for the seminar, OPEC Secretary General Haitham Al Ghais said: "The OPEC International Seminar has an excellent reputation, both in terms of the quality of participants and the high level of discussions on the most important issues facing the energy sector, particularly at this critical time for the global industry. We look forward to welcoming all our guests to Vienna for a truly memorable and informative event."