Free Trial

OPEC Extends Voluntary Output Cuts Through Q2

OIL

Several OPEC+ countries have announced to extend the additional voluntary output cuts of 2.2mbpd from the end of March to the end of June, after which these cuts will gradually return to the market, according to an OPEC press release.

  • The extension of the 2.2mbpd voluntary production cuts into Q2 was widely expected by the market. These cuts include, Saudi Arabia (1mbpd), Iraq (220kbpd), UAE (163kbpd), Kuwait (135kbpd), Kazakhstan (82kbpd), Algeria (51kbpd), and Oman (42kbpd).
  • In addition, Russia pledged to cut crude output and exports by 471kbpd during 2Q as followed: in April, Russia will cut output by 350kbpd and exports by 121kbpd; in May, production will be lowered by 400kbpd and exports by 71kbpd and in June, Russia plans to cut 471kbpd fully from production.
126 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Several OPEC+ countries have announced to extend the additional voluntary output cuts of 2.2mbpd from the end of March to the end of June, after which these cuts will gradually return to the market, according to an OPEC press release.

  • The extension of the 2.2mbpd voluntary production cuts into Q2 was widely expected by the market. These cuts include, Saudi Arabia (1mbpd), Iraq (220kbpd), UAE (163kbpd), Kuwait (135kbpd), Kazakhstan (82kbpd), Algeria (51kbpd), and Oman (42kbpd).
  • In addition, Russia pledged to cut crude output and exports by 471kbpd during 2Q as followed: in April, Russia will cut output by 350kbpd and exports by 121kbpd; in May, production will be lowered by 400kbpd and exports by 71kbpd and in June, Russia plans to cut 471kbpd fully from production.