OPEC+ agreed on 40.46 million barrels per day as new oil production target for 2024. Saudi Arabia plans further voluntary cuts in crude oil extraction
The OPEC+ Joint Ministerial Oversight Committee session started six hours late in Vienna due to discussions among members about cuts and quotas. Sources said the OPEC+ deal will be extended until 2024. In addition, Saudi Arabia is planning further voluntary cuts in crude oil extraction.
The press release also underscores “the continued commitment of participating countries to achieve and maintain a stable oil market and to guide the market over the long term, and consistent with the winning approach of precaution, proactivity and prevention”. Specifically, Russia will extend the voluntary cut of 500,000 barrels per day until the end of 2024, Russian Deputy Prime Minister Alexander Novak said. “Nothing changes for Russia – he added – this voluntary cut will be from the required level of production, as agreed today.
Source: TG 24 Sky
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