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OPEC+ Extends Oil Supply Cuts Through Second Quarter 2024

OPEC Oil Russia Saudi Arabia
The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. Some members of oil cartel OPEC, led by Saudi

Oil-producing countries within the OPEC+ alliance, including Saudi Arabia and Russia, have decided to deepen their voluntary crude supply cuts in an effort to stabilize the global oil market. The latest round of announcements from OPEC+ members involves extending reductions of approximately 2.2 million barrels per day.

Saudi Arabia, a key player in the alliance, has committed to extending its existing cut of 1 million barrels per day until the end of the second quarter of 2024. This decision, confirmed by the Saudi Press Agency citing a source from the Energy Ministry, will keep the kingdom's crude production at around 9 million barrels per day through June.

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