Several OPEC+ Countries Renew Voluntary Crude Output Cuts in 2024
TEHRAN (Tasnim) – Several OPEC+ countries have announced the extension of additional voluntary crude oil production cuts for the second quarter of 2024.
Saudi Arabia extends crude oil production cuts by one million barrels a day (bpd) until June, the United Arab Emirates (UAE) 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 and the Sultanate of Oman by 45,000 barrels a day.
Russia said it will cut oil output in the second quarter of 2024 by an average of 471,000 barrels a day.
Russia’s daily production cuts stood at 500,000 barrels in the first quarter of 2024.
Iraq also said it will continue voluntary oil production cuts in the second quarter of 2024. Iraq's crude oil production cuts in the first quarter amounted to 223,000 barrels a day.
Therefore, 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 2.17 million barrels a day, according to TASS.
On November 30, 2023, several OPEC+ countries made a decision to voluntarily cut oil production by an additional 2.2 million barrels per day in the first quarter of 2024.