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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.
Energy BulletsCommodities
Energy BulletsCommodities

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