The Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, has agreed to kept oil supply policy unchanged. In addition, some countries were pressed to increase compliance with output cuts.
Previously, in March 2024, several countries extended their voluntary cuts of 2.2 mb/d for the second quarter of 2024. The measure started in December 2023 and was originally planned to last until the end of the first quarter of 2024. The voluntary cuts are reported as follows: Saudi Arabia by 1,000 kb/d, Iraq by 220 kb/d, 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). Russia also announced plans to reduce its production by an extra 350 kb/d and its exports by 121 kb/d in April 2024; in May 2024, production will be cut by 400 kb/d and exports by 71 kb/d; in June 2024, production will be cut by 471 kb/d, without any export cut.