OPEC+ countries extended oil production cuts until the end of June
Kyiv • UNN
OPEC+ countries agreed to extend oil production cuts until the end of June to support oil prices.
OPEC countries and its partners have extended their oil production cuts until the end of June. This was reported by Bloomberg with reference to the organization's delegates, UNN reports.
Details
Traders and analysts surveyed by Bloomberg had been expecting this move.
In November 2023, OPEC countries and their partners agreed to voluntarily extend the production cuts by 2.2 million barrels per day for the first quarter.
In January, Kazakhstan and Iran did not fulfill their reduction obligations, but promised to improve compliance with quotas and compensate for excess production, Bloomberg notes.
Since the end of 2022, OPEC has implemented a series of production cuts to support the market amid rising US and other producers' output and demand concerns as major economies struggle with high interest rates.
This decision is intended to stabilize the market and avoid negative impacts on the economy.
