OPEC+ Extends Cuts in Oil Output to Resist Price Decline

Published on June 3, 2024

Nations in the OPEC+ group have agreed to continue keeping daily oil output lower by nearly 4 million barrels a day in a bid to “support the stability and balance of the oil markets.” The decision by the international consortium could resist any downward pressure on prices through the election season. OPEC+ nations Saudi Arabia, Russia, Iraq, United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman, met on June 2 and decided to continue the oil output cuts announced last year. This includes a daily reduction of 1.65 million barrels announced in April 2023, which will now be extended until the end of December 2025. The 2.2 million barrels per day of production cuts announced in November 2023 were originally scheduled to end in September 2024....

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