OPEC+ countries will extend the voluntary reduction of oil production until the end of June

On Sunday, OPEC+ countries, which voluntarily reduced oil production in the first quarter, decided to extend restrictions for the second quarter. 

Thus, additional reductions in the amount of 1.7 million barrels per day will be in effect until the end of June. In addition, Russia will reduce exports of oil and petroleum products to world markets by 500 thousand barrels per day.

In general, a number of OPEC+ countries are voluntarily reducing their production by 1.66 million barrels per day by the end of 2024. Among the leaders of the deal are Russia and Saudi Arabia, which will reduce production by 500 thousand barrels per day each. 

In addition, Kazakhstan (78 thousand barrels per day), Oman (40 thousand barrels per day), the United Arab Emirates (144 thousand barrels p/d), Kuwait (128 thousand barrels p/d), Iraq (211 thousand barrels p/d) and Algeria (48 thousand barrels p/d) participate.

These same countries will also further reduce their production by another 2.2 million barrels per day in the first quarter of 2024, according to OPEC+. However, the cuts relate specifically to production (by 1.7 million b/d in total), and Russia will reduce exports of oil and petroleum products by 500 thousand b/d.