OPEC+ agrees to cut production further

Several OPEC+ nations have declared additional voluntary reductions totaling 2.2 million barrels per day, News.az reports.

According to OPEC, these cuts, derived from the 2024 required production level set during the 35th OPEC Ministerial Meeting on June 4, 2023, supplement previous voluntary reductions extended until the close of 2024, initially declared in April 2023.

Participating OPEC+ countries include Saudi Arabia (1 mb/d), Iraq (223,000 b/d), United Arab Emirates (163,000 b/d), Kuwait (135,000 b/d), Kazakhstan (82,000 b/d), Algeria (51,000 b/d), and Oman (42,000 b/d).

Commencing on January 1 and continuing until March 2024, these cuts aim to be gradually reversed, contingent on market conditions, following this period.

Additionally, as OPEC noted, Russia has independently announced a voluntary reduction of 500,000 b/d during the same timeframe, drawn from May and June 2023 export averages - comprising 300,000 b/d of crude oil, and 200,000 b/d of refined products.

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