OPEC+ extends 200 mln bpd oil output cuts

Several OPEC+ countries have announced the extension of additional voluntary oil production cuts for the second quarter of 2024.

Thus, Saudi Arabia extends production cuts by one million barrels a day until June, the United Arab Emirates - by 163,000 barrels a day, Kuwait - by 135,000 barrels a day, Kazakhstan - by 82,000 barrels a day, Algeria - by 51,000 barrels a day, Oman - by 45,000 barrels a day.

Russia said it will cut oil production in the second quarter of 2024 by an average of 471,000 barrels a day (in the first quarter, Russia’s daily production cuts stood at 500,000 barrels). Iraq also said it will continue voluntary oil production cuts in the second quarter of the year (its production cuts in the first quarter amounted to 223,000 barrels a day).

Thus, all the participants in the OPEC+ voluntary oil production cuts deal in the first quarter of the year have extended their commitments under the deal until June. Overall production cuts in the OPEC+ countries stand at more than 2 million barrels a day.