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OPEC+ extend production cuts until the end of 2024

June 5, 2023 at 11:28 am

OPEC headquarters in Vienna [DALIBRI/Wikipedia]

Members of the OPEC+ alliance yesterday agreed to implement a voluntary cut in oil production until the end of 2024 instead of the previous date scheduled for the end of 2023.

The members said in a statement that the voluntary cut is in addition to a mandatory cut of 1.4 million barrels per day, which will start early next year and continue for a full year.

The countries that announced a voluntary cut are: Saudi Arabia by 500,000 barrels per day, Russia by 500,000 barrels per day, and the UAE by 144,000 barrels per day.

Likewise, Iraq will reduce its production by 211,000 barrels per day, the Sultanate of Oman by 40,000 and Algeria by 48,000 barrels per day.

Saudi Arabia also announced the implementation of a voluntary production cut of one million barrels per day next July, for one month, which can be extended.

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