OPEC+ announces extension of deal and cuts in oil production

The Organization of the Petroleum Exporting Countries announced an extension of the deal until 2024 and a reduction in production by 1.4 million to 40.46 million barrels per day. The decision was made at the last ministerial summit, according to the final communiqué.

“Adjust the level of total crude oil production for countries – members of OPEC and non-OPEC countries to 40.46 million barrels per day from January 1, 2024 to December 31, 2024″, – specified in document.

At the same time, the ministers clarified that African countries, due to technical nuances, cannot yet achieve an acceptable indicator for them. Also, many states, at whose expense the reduction was announced, already produce oil within the limits below the permissible quotas.

Earlier, Russian Deputy Prime Minister Alexander Novak also announced that the country would extend a voluntary cut in oil production by 500,000 barrels per day until the end of 2024. According to him, there were no disagreements between the Russian Federation and Saudi Arabia.

Recall, back on April 2, Novak announced that Russia would extend a voluntary reduction in oil production by 500,000 barrels per day from the average production in February until the end of 2023. He stressed that the country is reducing oil production as a responsible and preventive action.