The Organization of the Petroleum Exporting Countries formally confirmed on Thursday that total voluntary cuts to the joint total production of the group and its allies will amount to 2.2 million barrels per day until the end of March 2024.
Saudi Arabia's one million bpd and Russia with 500,000 bpd will be leading the way, followed by Iraq with 223,000 bpd, the United Arab Emirates with 163,000 bpd, Kuwait with 135,000 bpd, Kazakhstan with 82,000 bpd, Algeria with 51,000 bpd and Oman with 42,000 bpd.
"These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024... Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions," OPEC pointed out.
