The OPEC+ oil cartel agreed on Thursday to cut oil production, following pressure from Saudi Arabia to keep prices up.
The group, which includes members of the Organization of the Petroleum Exporting Countries as well as other oil producers like Russia, opted to cut production by an additional 1 million barrels per day in addition to Saudi Arabia’s current production cut, Bloomberg and The Wall Street Journal reported.
OPEC said in a press release following the virtual meeting that the following countries in the 23-member strong OPEC+ announced voluntary production cuts of the following amounts for the first quarter of 2024:
- Iraq 223,000 bpd
- United Arab Emirates 163,000 bpd
- Kuwait 135,000 bpd
- Kazakhstan 82,000 bpd
- Algeria 51,000 bpd
- Oman 42,000 bpd
Saudi Arabia additionally announced it would extend its own voluntary cut of 1 million barrels per day until the end of the first quarter of 2024, the official Saudi Press Agency reported. Russia said it would deepen its current 300,000 barrels per day production cut to 500,000 bpd, and extend the cut until the end of the first quarter of next year, Agence France-Presse reported.
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