Vienna (IP) : A number of OPEC+ countries will voluntarily reduce oil production in the first quarter of 2024 by 2.2 million bpd, the organization said in a press release.

Iran PressEurope: "The OPEC Secretariat noted the announcement of several OPEC+ countries of additional voluntary cuts to the total of 2.2 million barrels per day, aimed at supporting the stability and balance of oil markets," the press release says.

"These additional voluntary cuts are announced by the following OPEC+ countries: Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions," the organization says.

OPEC+ oil producers on Thursday agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.

Benchmark global oil prices settled down around 2%, in part because the reductions were voluntary and because of investor expectation ahead of the meeting that additional supply cuts might be deeper.

Saudi Arabia, Russia and other members of OPEC+, who pump more than 40% of the world's oil, met online on Thursday to discuss supply policy.


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