OPEC+ Agrees to 2.2 Million BPD Output Cuts for Early 2024, Led by Saudi Arabia

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Written By Jennifer Joslyn

OPEC+ oil producers have agreed to voluntary output cuts totaling approximately 2.2 million barrels per day (bpd) for early next year, with Saudi Arabia continuing its existing voluntary cut. This decision comes as the market faces potential surpluses and as a 1 million bpd cut by Saudi Arabia was set to expire. The total curbs include an extension of Saudi and Russian voluntary cuts of 1.3 million bpd, with the remaining 900,000 bpd distributed among six other members.

Read more at Reuters >

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Jennifer Joslyn
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