OPEC+ oil producers agreed to additional production cuts on Thursday following a slump in oil prices. The cuts were detailed following the day’s video conference meeting that had been postponed earlier in the week.
Saudi Arabia agreed to extend its 1 million b/d cut through first-quarter 2024. Iraq agreed to cut 223,000 b/d, while the United Arab Emirates agreed to cut 163,000 b/d; Kuwait 135,000 b/d; Kazakhstan 82,000 b/d; Algeria 51,000 b/d; and Oman 42,000 b/d.
The cuts begin Jan. 1, 2024, and run through the year’s first quarter.
The cuts are in addition to the announced voluntary cut by the Russian Federation of 500,000 b/d for the same period, which will be made from the average export levels of the months of May and June of 2023, and will consist of 300,000 b/d of crude oil and 200,000 b/d of refined products.