Seven OPEC+ countries have extended their voluntary cuts of 2.2 mb/d aimed at supporting the stability and balance of oil markets 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). Afterwards, the voluntary cuts will be returned gradually subject to market conditions to support market stability.
The voluntary cuts are in addition to an announced voluntary cut by the Russian Federation of 471 kb/d for the same period from crude oil production and exports (in April 350 kb/d from production and 121 kb/d from exports; in May 400 kb/d from production and 71 kb/d from exports; in June 471 kb/d from production) and in addition to another voluntary cut of 500 kb/d previously announced in April 2023 which extends until the end of December 2024.
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