"OPEC+ Extends Oil Output Cuts, Russia Deepens Cuts and Eases Export Limits"
OPEC, led by Saudi Arabia and Russia, along with other oil-producing nations, have extended voluntary crude supply cuts, totaling 2.2 million barrels a day, through the second quarter of 2024. Saudi Arabia will maintain its 1 million barrel-a-day cut, while Russia announced an additional voluntary cut of 471,000 barrels per day. Other OPEC+ countries, including Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, will also continue with smaller reductions. The goal is to balance the oil market, with the price of Brent crude standing at about $83.55 per barrel, still below the levels seen after Russia's invasion of Ukraine.
