OPEC+ Members OK Voluntary Oil Production Cuts

Several OPEC+ countries agreed to voluntarily cut oil production by a total of 2.2 million barrels per day in the first quarter of 2024, the oil producing group announced recently, Anna Cooban and Elisabeth Buchwald reported for CNN.

Saudi Arabia will lead the effort by extending a voluntary production cut of 1 million barrels per day of oil — previously intended to run till the end of December — by another three months.

Saudi Arabia, the world’s biggest exporter of crude oil, will lead the effort by extending a voluntary production cut of 1 million barrels per day of oil — previously intended to run till the end of December — by another three months, according to a statement from OPEC+, which comprises the Organization of the Petroleum Exporting Countries and its allies.

The kingdom’s production will stay at around 9 million barrels a day until the end of March 2024, the state-run Saudi Press Agency said, citing “an official source from the Ministry of Energy,” after Saudi officials met with other major oil-producing nations in Vienna Thursday.

In addition to Saudi Arabia, the following voluntary barrel-per-day production cuts were announced: Russia by 500,000; Iraq by 223,000; the United Emirates by 163,000; Kuwait by 135,000; Kazakhstan by 82,000; Algeria by 51,000 and Oman by 42,000, OPEC+ said, Hanna Ziady also reported for CNN.

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