OPEC+ announces further voluntary production cuts

The OPEC+ energy ministers met on Sunday in Vienna to iron out next production steps, as global oil prices remain under pressure from broader macro-economic concerns.

OPEC+ nations agreed the level of oil production in 2024 at 40.46 million barrels a day. In total, OPEC+ countries will cut daily oil production by 1.393 barrels.

Russia and Saudi Arabia

Under the revised commitments, Saudi Arabia will maintain its crude production at almost 10.549 mln barrels per day, while Russia will slash its 10.549 mln barrels daily output by 650,000 barrels to 9.8 mln barrels starting January 2024, according to a table published by OPEC.

The next OPEC+ ministerial meeting will be held in Vienna on November 26.