2024-01-01 18:42:00
IN THE MORNING January 1, 2024 At 7:42 p.m.
Several member countries of the alliance, notably Russia and Saudi Arabia, began to reduce, from January 1, their oil production an additional 2.2 million barrels per day (bpd).
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The measure, announced during a meeting of OPEC+ last November, will remain in force during the first quarter of 2024 before being evaluated by the members of the alliance.
The Russia plans to reduce its crude production from 300,000 bpd to 500,000 bpd until the end of March, while Saudi Arabia expects a drop of 1 million bpd. Other OPEC+ countries have committed to withdrawing 700,000 barrels per day from the market from January 2024. These include Iraq (-223,000 bpd), the United Arab Emirates (-163,000 bpd), Kuwait (-135,000 bpd), Kazakhstan (-82,000 bpd and Oman (-42,000 bpd).
In addition to these new reductions, some OPEC+ countries will continue to stick to commitments for a voluntary production reduction of 1.66 million bpd by the end of 2024.
Under this measure, in force since May 2023, Saudi Arabia and Russia apply a voluntary production reduction of around 500,000 bpd each.
Other countries such as Iraq (-211,000 bpd), the United Arab Emirates (-144,000 bpd), Kuwait (-128,000 bpd), Kazakhstan (-78,000 bpd), Oman (-40,000 bpd) and Gabon (-8,000 bpd) apply similar measures. In 2016, OPEC formed an alliance with ten other producing countries in the form of an agreement called OPEC+, with the aim of limiting supply and supporting oil prices.
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