Several members of OPEC+ agreed to extend their group-wide output cuts to the end of 2025.
The countries agreed to extend their additional voluntary cuts of 2.2 million bpd, announced in November 2023, until the end of September 2024.
The cuts include 2 million bpd by all member countries, the first round of voluntary cuts of about 1.6 million bpd by 9 members, and the second round of voluntary cuts of 2.2 million bpd by eight members.
"The additional voluntary cuts announced by the OPEC+ countries include Saudi Arabia by 1 million bpd, Iraq by 223,000 bpd, the UAE by 163,000 bpd, Kuwait by 135,000 bpd, Kazakhstan by 82,000 bpd, Algeria by 51,000 bpd and Oman by 42,000 bpd," OPEC said.
Russia will cut daily output by 471,000 barrels, while in the first quarter of 2024 Russia cut 500,000 bpd.
