Several OPEC+ countries announce extension of additional voluntary cuts of 2.2 million barrels per day for the second quarter of 2024

No 3/2024
Vienna, Austria
03 Mar 2024

The OPEC Secretariat noted the announcements of several OPEC+ countries extending additional voluntary cuts of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets.

These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.

These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand barrels per day); Iraq (220 thousand barrels per day); United Arab Emirates (163 thousand barrels per day); Kuwait (135 thousand barrels per day); Kazakhstan (82 thousand barrels per day); Algeria (51 thousand barrels per day); and Oman (42 thousand barrels per day) for the second quarter of 2024. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions.

The above will be in addition to the announced voluntary cut by the Russian Federation of 471 thousand barrels per day for the same period (second quarter of 2024), which will be from crude oil production and exports as follows:

  • In April 350 thousand barrels per day from production and 121 thousand barrels per day from exports.
  • In May 400 thousand barrels per day from production and 71 thousand barrels per day from exports.
  • In June 471 thousand barrels per day totally from production.

Russia’s voluntary production cut is in addition to the voluntary cut of 500 thousand barrels per day previously announced in April 2023, which extends until the end of December 2024. The export cut will be made from the average export levels of the months of May and June of 2023.