Mar 03, 2024 at 6:45 PM Update: 22 minutes ago
The member states of the OPEC oil cartel extend the oil production cut until the end of June. Several oil-producing countries will announce this extension on Sunday. Russia, which is not a member of OPEC, also agrees.
Saudi Arabia, the OPEC member that produces the most oil, announced on Sunday that it would extend the current production cut. Russia, the United Arab Emirates, Kuwait and Algeria also announce that they will keep production lower.
In November, OPEC member states decided to cut oil production in the first quarter of 2024. By reducing oil production, countries want to raise the oil price again.
The OPEC countries and Russia are currently producing about two million fewer barrels per day. Saudi Arabia will account for approximately one million barrels, keeping production in Saudi Arabia at nine million barrels for the coming months. Russia is producing almost 500,000 barrels per day less than usual. In other member states, such as the UAE and Kuwait, the reduction is below 250,000 barrels.
Saudi Arabia also indicated that production will be gradually increased to normal levels afterwards. It is not yet certain whether that will actually be in June, or whether the production cut will be extended again.
In October 2023, nearly 82 million barrels of oil were produced daily worldwide.
- 01 dec 2023 om 11:41
OPEC countries are further reducing their oil production
Beeld: Getty Images
Read more about:
Oil Economy
2024-03-03 17:45:07
#OPEC #countries #extend #oil #production #cuts #June #Economy
