OPEC+ to cut oil output to 40.46 mln bpd from 2024
VIENNA, Jun 5 (PRIME) -- OPEC+ will reduce oil output by about 1.4 million barrels per day to 40.46 million barrels per day (bpd) from 2024, according to an official statement released on June 4.
"Adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation to 40.46 million barrels per day, starting 1 January 2024 until 31 December 2024, which to be distributed as per the attached table," the statement read.
Russia committed to reducing production to 9.828 million barrels per day in 2024 from the current target of 10.478 million barrels per day. Saudi Arabia will keep production in line with the current restrictions at 10.478 million barrels.
OPEC+ is cutting production by 2 million barrels per day to 41.856 million barrels per day in 2023.
Russia's Deputy Prime Minister Alexander Novak said that Russia had reached a 500,000 barrel per day oil output cut in the framework of a voluntary restriction and will prolong it until 2025. Newswire SPA reported citing a source from the Energy Ministry of Saudi Arabia that the country had made the same decision on its voluntary output decrease.
Saudi Arabia will also cut production by 1 million barrels per day in July for a month and can prolong the additional reduction, the newswire reported.
Novak said Russia and Saudi Arabia had no disagreements on the oil output changes. "No, we had no disagreements, this is a joint decision. As far as you know, our agreement is being fulfilled in the interests of the markets of the states that participate in the agreement," he said.