#OPEC+ #oil producers are set to convene on June 2 to discuss their next steps regarding output policies, including the potential extension of voluntary production cuts totaling around 2.2 million barrels per day (#bpd), which are set to expire in the first half of 2024.
These voluntary cuts, led by the Organization of the Petroleum Exporting Countries (#OPEC) and its allies, have been in addition to earlier reductions totaling 3.66 million bpd announced since late 2022, which are valid until the end of 2024.
Currently, the pledged cuts amount to a total of 5.86 million bpd, equivalent to approximately 5.7% of daily global demand, according to calculations by Reuters.
The most recent round of cuts, totaling 2.2 million bpd, was announced by individual countries on November 30, 2023. Initially set for the first quarter of 2024, these cuts were extended until the end of June, with Russia making slight adjustments to its implementation.
Prior to November 2023, OPEC+ had implemented production cuts of around 5 million bpd, including 1.3 million bpd in voluntary cuts by Saudi Arabia and Russia earlier in 2023, as well as 3.66 million bpd agreed upon in previous steps.
The upcoming meeting in June will determine whether to extend these cuts beyond the first half of 2024. The table below outlines the pledged cuts and production targets for the first half of 2024 for various OPEC+ members, based on data from OPEC, individual nations, and Reuters calculations.
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