OPEC+ PRODUCTION CUTS DEEPEN WITH EXTENSIONS FROM SAUDI ARABIA, RUSSIA AND OTHER OIL GIANTS
- NEWS Desk Global
- Mar 4, 2024
- 1 min read
Some members of oil cartel Opec, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several Opec+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organisation noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter.
The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom's crude production will stand at about 9 million barrels a day through the end of June. Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter - across a blend of production and exports.
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