December 1, 2023
2 mins read

 OPEC+ Announces Additional Oil Cuts

The cuts will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024)…reports Asian Lite News

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.

These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on 4th June 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024, according to a press release issued by OPEC on Thursday.

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 above cuts will be in addition to the announced voluntary cut by the Russian Federation of 500 thousand barrels per day for the same period (starting 1st of January until the end of March 2024), which will be made from the average export levels of the months of May and June 2023, and will consist of 300 thousand barrels a day of crude oil and 200 thousand barrels per day of refined products.

UAE to cut additional 163,000 bpd

The United Arab Emirates will implement an additional voluntary cut of 163 thousand barrels per day starting 1st of January 2024 until the end of March 2024, in coordination with some OPEC+ participating countries. Therefore, the United Arab Emirates’ production will be 2,912 thousand barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions.

This voluntary cut is in addition to the voluntary cut of 144 thousand barrels per day previously announced by the United Arab Emirates in April 2023, which extends until the end of December 2024.

ALSO READ: ‘UAE Determined to Unite World at COP28’

Previous Story

Historic Loss & Damage Fund Agreed at COP28

Next Story

 GCC Pavilion to Host Wide Range of Events

Latest from -Top News

Cambodia-Thailand Agree to Truce

The border violence has claimed at least 35 lives and left more than 200 injured, based on figures from Thai and Cambodian officials….reports Asian Lite News Cambodia and Thailand have agreed to

Baloch Activist Thanks India, Slams Pakistan Terror

Mir Yar Baloch also appreciated the extraordinary courage and professionalism of the Indian Armed Forces, the “responsible and patriotic role” of the Indian media…reports Asian Lite News Prominent Baloch human rights activist

UK Warns China Over Taiwan Moves

Healey’s comments come amid rising global concerns over Chinese military activity around Taiwan and the growing Western focus on the Indo-Pacific region. British Defence Secretary John Healey has said the UK is

US Sticks to August 1 Tariff Deadline

US Commerce Secretary Howard Lutnick ruled out any possibility of an extension…reports Asian Lite News The US administration on Sunday said the August 1 deadline for imposing reciprocal tariffs remains unchanged and

EU Lawmaker Slams US Trade Deal

US President Donald Trump and European Commission President Ursula von der Leyen announced earlier in the day that they had reached a trade agreement…reports Asian Lite News A top EU lawmaker has
Go toTop

Don't Miss

Free Expo 2020 tickets for inbound travellers

Dubai is offering inbound travellers to the emirate free Expo

BEDU officially announce its UAE launch

BEDU, Dubai’s foremost pioneer in Web3 technologies and solutions, today