OPEC+ members extend voluntary output cuts to Q2 2024

Multinational

VIENNA, March 4, 2024 – Several OPEC+ members have extended additional voluntary oil production cuts of 2.2 million bpd into Q2 2024, OPEC announced Sunday.

This latest reduction is in addition to the voluntary cuts announced in April 2023 and later extended until the end of 2024. OPEC stated that the aim of the move is to support the “stability and balance” of oil markets.

Countries participating in the cuts are Saudi Arabia (1 million bpd), Iraq (220,000 bpd), United Arab Emirates (163,000 bpd), Kuwait (135,000 bpd), Kazakhstan (82,000 bpd), Algeria (51,000 bpd) and Oman (42,000 bpd).

Russia will also participate in the initiative, cutting an extra 471,000 bpd from its production for the same period.

Members announced their intentions individually on Sunday, with OPEC later issuing a statement of confirmation. The cuts, which were widely anticipated, are expected to be gradually lifted as market conditions allow.

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