Mar 4, 2024, 9:00 AM

OPEC+ extends oil output cuts to 2024 2nd quarter

TEHRAN, Mar. 04 (MNA) – The Organization of the Petroleum Exporting Countries (OPEC), along with 10 other nations together known as OPEC Plus agreed on Sunday to extend output cuts of 2.2 million barrels per day into the second quarter of 2024.

Saudi Arabia announced that it will continue to cut one million barrels per day until the end of June, leaving its output around 9 million barrels a day.

Russia, which leads OPEC allies collectively known as OPEC+, will cut oil production and exports by an extra 471,000 bpd in the second quarter. Russian Deputy Prime Minister Alexander Novak gave new figures showing that cuts from production will make up a rising proportion of the measure, Reuters reported.

OPEC+ members announced the cuts individually on Sunday and OPEC later issued a statement confirming the 2.2 million bpd total.

Saudi state news agency SPA said the cuts would be reversed gradually, according to market conditions.

MP/PR

News ID 212609