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OPEC Supply Cuts to total 2.2m b/d: OPEC

OIL

OPEC has announced additional voluntary cuts following today’s meeting, with a total reduction of 2.2m b/d, OPEC said in a statement.

  • The cuts are as follows: Saudi Arabia (1m b/d); Iraq (223k b/d); United Arab Emirates (163k b/d); Kuwait (135k b/d); Kazakhstan (82k b/d); Algeria (51k b/d); and Oman (42k b/d).
  • Russia will cut crude exports by 300k b/d and products by 200k b/d from a baseline of the average export levels of the months of May and June of 2023.
  • The Saudi cut of 1m b/d is a continuation of the voluntary cut that is already in place, while the Russian voluntary cut is an expansion of its existing 300k b/d reduction.
  • The cuts will run from Jan. 1 until end of March 2024 and will be gradually returned subject to market conditions, OPEC said.
  • The voluntary cuts are calculated from the required production levels as per the 35th OPEC Ministerial Meeting in June 2023
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