Eight OPEC+ oil producers have agreed to voluntary output cuts totalling about 2.2 mbl/d for the first quarter of 2024, in order to support prices and stabilise the market. Included in this figure is an extension of the Saudi and Russian voluntary cuts of 1.3 mbl/d: Saudi Arabia will continue its 1 mbl/d reduction decided in 2023, while Russia will extend its voluntary cuts (300 kb/d of crude oil and 200 kb/d of refined products, totalling 500 kb/d of oil).
Other OPEC countries will cut their crude oil production: Iraq by 223 kb/d, the United Arab Emirates by 163 kb/d, Kuwait by 135 kb/d, Kazakhstan by 82 kb/d, Algeria by 51 kb/d and Oman by 42 kb/d.
These voluntary cuts are calculated from the 2024 required production level agreed in June 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.
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