OPEC+ member countries agreed to extend the voluntary reduction of oil production for the second quarter of 2024. This is reported by Reuters.
Saudi Arabiaʼs energy ministry said it would cut output by one million barrels per day, while Russia announced a 471,000 bpd cut from April to June.
The decision for both countries is in addition to the half-million-barrel-per-day cut announced in April 2023, which will run until the end of 2024.
The United Arab Emirates, Kuwait, Iraq and Kazakhstan will continue the current voluntary reductions until the end of June. With this decision, the countries want to stop the fall in oil prices on the world market.
The 22-nation OPEC+ oil alliance has cut supplies by more than five million barrels per day since the end of 2022.
- OPEC+ is an informal organization that unites countries that are members of the International Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and a number of non-OPEC countries, including Russia.