International News

Global Oil Production Cuts

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Author : Bozhou Marine
Update time : 2024-03-04 15:10:30
Suadi Arabia, Russia, UAE and several OPEC+ producers exrend voluntary crude supply cuts until end of June.

Russia will coordinate with some "OPEC+" member countries to reduce Russian oil production and exports in the second quarter by 471,000 barrels per day. Specifically, production was reduced by 350,000 barrels per day in April and exports by 121,000 barrels per day; production was reduced by 400,000 barrels per day in May, and exports were reduced by 71,000 barrels per day; and production was reduced by 471,000 barrels per day in June.
Novak said that voluntary production cuts are aimed at strengthening the ability of "OPEC+" countries to maintain stability and balance in the oil market.

United Arab Emirates
The UAE announced that it would extend an additional voluntary oil production reduction of 163,000 barrels per day until the second quarter of 2024. This means that by the end of June this year, its oil production will remain at 2.912 million barrels per day.
This voluntary production reduction is based on the voluntary production reduction of 144,000 barrels per day announced by the UAE in April 2023. At the end of November last year, the UAE announced an additional voluntary production cut of 163,000 barrels per day until March 2024.
According to the Emirates News Agency, this decision was made in coordination with some "OPEC+" member states and is a precautionary measure to balance oil market prices.

Saudi Arabia
Saudi Arabia's voluntary production cut of 1 million barrels per day, which will be implemented starting in July 2023, will be extended to the end of June this year.
This voluntary production reduction measure is an additional production reduction based on the voluntary production reduction measures announced by Saudi Arabia in April 2023. The purpose is to support the "OPEC+" countries composed of OPEC members and non-OPEC oil-producing countries in maintaining the stability and stability of the international oil market. Balance “preventive efforts.”
In April 2023, Saudi Arabia announced that it would cut oil production by an average of 500,000 barrels per day starting in May of that year. On June 4, 2023, Saudi Arabia announced after the 35th "OPEC+" ministerial meeting that in July Saudi Arabia would cut production by an additional 1 million barrels per day for one month. Saudi Arabia later extended this additional production reduction measure several times until the end of March this year. | Marine Light
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