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Additional Update On OPEC Supply Cut Announcements for 2024:

OIL

Saudi Arabia will continue its voluntary supply cuts through Q1 2024 and sees its output at 9m b/d.

  • Russia will cut total exports by 0.5m b/d, of which 0.3m b/d will be crude and 0.2m b/d will be products, Deputy PM Alexander Novak said. Russia will gradually return flows based on market conditions, Novak added.
  • Iraq will make an additional output cut of 211k b/d.
  • Algeria agreed to cut an additional 51k from Jan-March 2024.
  • Kuwait will make an additional output cut of 135k b/d.
  • Oman will cut by 42k b/d.
  • Kazakhstan will also cut output by a further 82k b/d.
  • UAE to make an additional 163k b/d output cut
  • OPEC ministers will meet again in June 2024 to discuss output levels.

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