Following the meetings, the alliance confirmed the continuation of the agreement to reduce oil production in 2024. Saudi Arabia said it will continue to further reduce oil production by 1 million barrels per day in the first quarter of 2024. undefined (b/s). Russia, as reported by Deputy Prime Minister Alexander Novak, will increase an additional voluntary reduction in the export of oil and petroleum products by 200 thousand bpd. Thus, the total reduction in Russian exports will be 500 thousand b/d, including 300 thousand b/d of oil and 200 thousand b/d of fuel. The market, however, reacted with restraint to the results of the meeting, doubting the ability of the alliance members to maintain the discipline of cutting production. “By the end of the year, oil prices showed a decline amid a decline in Chinese imports and a slowing economy, as well as rising inventories in the United States. Tensions in the Red Sea, which have an indirect effect on oil prices, act as a restraining factor that prevents quotes from falling. As a result of the threat of Houthi attacks on ships in the region, companies prefer longer oil deliveries by tankers, which in turn complicates logistics and increases the final price of oil. For the industry in 2024, the main risks will be geopolitical tensions and undefined sanctions, as well as a possible tightening of the tax burden; in addition, the slowdown of the Chinese economy, which leads to a decrease in exports, remains a serious risk,” concludes Konstantin Tserazov, former senior vice president of Otkritie Bank.