The reductions come as an addition to the voluntary reductions that were previously announced in April 2023 and were extended until the end of 2024.
The Secretariat of the Organization of Petroleum Exporting Countries announced “OPEC“ About extending work b Oil production cuts Additional voluntary contributions by a number of OPEC Plus countries.
According To show honesty OPEC has been extended Voluntary discounts Additional amount of two million two hundred thousand barrels per day. These reductions are calculated from the level of production required in 2024, according to what was agreed upon at the thirty-fifth ministerial meeting of OPEC in June 2023.
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Several countries from the “OPEC Plus” group have confirmed their commitment to additional voluntary production cuts, as the Kingdom of Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman submitted their offers to reduce their production by a specific amount.
In addition, the Russian Federation announced a reduction in its production by 471 thousand barrels per day for the second quarter of 2024, as part of its commitment to voluntary production cuts.
Several OPEC+ countries announce extension of additional voluntary cuts of 2.2 million barrels per day for the second quarter of 2024
Press release: https://t.co/SFyTX8zyvU
— OPEC (@OPECSecretariat) March 3, 2024
These additional voluntary cuts were announced by the following OPEC Plus countries: Saudi Arabia (one million barrels per day); Iraq (220 thousand barrels per day); United Arab Emirates (163 thousand barrels per day); Kuwait (135 thousand barrels per day); Kazakhstan (82 thousand barrels per day); Algeria (51 thousand barrels per day); Oman (42 thousand barrels per day), for the second quarter of 2024 AD, and after that, in order to support market stability, these quantities that were voluntarily reduced will be gradually restored according to market conditions.
Several member countries of the “OPEC Plus” group have announced their commitment to additional voluntary cuts, which are as follows:
- The Kingdom of Saudi Arabia by one million barrels per day.
- Iraq by 220 thousand barrels per day.
- United Arab Emirates by 163 thousand barrels per day.
- Kuwait by 135 thousand barrels per day.
- Kazakhstan by 82 thousand barrels per day.
- Algeria by 51 thousand barrels per day.
- Oman by 42 thousand barrels per day.
These steps aim to stabilize the global oil market and control supplies and demands, which contributes to supporting price stability and achieving the required balance in the market.
