NEW YORK: Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts.
Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter.
The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom’s crude production will stand at about 9 million barrels a day through the end of June.
Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter — across a blend of production and exports.
Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will be continuing reductions as well, according to OPEC’s secretariat, in smaller amounts.
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