Link Securities| Members of the alliance between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, led by Saudi Arabia and Russia agreed on Sunday to extend their voluntary production cuts of 2.2 million barrels per day of oil during 2Q2024, giving extra support to the market, in an environment of concern about global growth, and the increase in production of countries outside this alliance.
Saudi Arabia, OPEC’s de facto leader, said it would extend its voluntary production cut of one million barrels per day (bpd) until the end of June, bringing its production to close to nine million bpd. For its part, Russia, the leader of OPEC’s allies, will cut its production and exports by an additional 471,000 bpd in 2Q2024.
