Number Of OPEC+ Countries Extend Oil Production Cuts


(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 4. A number of OPEC+ countries announced that measures to further voluntarily reduce oil production have been extended until the second quarter of 2024, Trend reports.

Saudi Arabia extended production cuts by 1 million barrels per day until June, the UAE - by 163 thousand barrels, Kuwait - by 135 thousand barrels, Kazakhstan - by 82 thousand barrels, Algeria - by 51 thousand barrels, Oman - by 45 thousand barrels.

In addition, Russia stated that on average for three months, oil production and exports in the second quarter decreased by an average of 471 thousand barrels per day. Iraq also announced an extension of voluntary production cuts into the second quarter. In the first quarter, the country reduced it by 223 thousand barrels per day.

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