OPEC+ Extends Oil Output Cuts in Second Quarter

• OPEC+ (Organization of the Petroleum Exporting Countries and allies) agreed to continue limiting oil production by 2.2 million barrels per day (bpd) in the second quarter of 2024.

• Saudi Arabia, the leader of OPEC, will maintain its voluntary cut of 1 million bpd until June, keeping its output around 9 million bpd.

• This decision aims to maintain oil price stability amidst concerns about global economic growth and rising production outside the group.

• While extending the overall quota, Russia and Iraq slightly reduced their individual commitments, cutting 471,000 and 220,000 bpd respectively, compared to their initial pledges of 500,000 and 223,000 bpd.

• UAE, Kuwait, and Kazakhstan also confirmed they will continue existing voluntary cuts through June.

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Published date : 04 Mar 2024 05:22PM