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Oil, OPEC+ agree to extend production cuts

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Lawrence
Lawrence
I am Lawrence Sickels and I work in the news industry. For the past few years, I have been writing for The News Dept, a web-based platform dedicated to providing readers with quality journalism. My main area of focus is covering economic news and business trends across the globe. With my detailed knowledge of current affairs and market analysis, I am able to offer insightful commentary on economic issues beyond the headlines. Having worked as a journalist for many years, I have developed an eye for detail when it comes to crafting stories that are engaging and informative. In addition to writing about economics topics, I also specialize in research-driven articles about finance and trade policy.

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 agreement

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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