OPEC+ announces extra voluntarily production cuts in 1Q 2024 totaling 2.2 mln bpd

A number of OPEC+ countries will voluntarily reduce oil production in the first quarter of 2024 by 2.2 million bpd, the organization said in a press release.

"The OPEC Secretariat noted the announcement of several OPEC+ countries of additional voluntary cuts to the total of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets," the press release says.

"These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions," the organization says.

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