OPEC+ maintains 2023 oil production targets with Saudi Arabia's additional cuts.

OPEC+ has decided to stick to its planned oil production cuts for this year, with Saudi Arabia announcing further voluntary declines. The alliance will limit combined oil production to 40.463 million barrels per day over January-December 2024. All voluntary cuts, which were initially set to expire after 2023, will now be extended until the end of 2024. Saudi Arabia will implement an additional voluntary one-month 1 million-barrel-per-day cut starting this July, which can be extended. The move follows contentious talks and a more-than four-hour Sunday meeting of the alliance's Joint Ministerial Monitoring Committee.