Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts
NEW YORK — Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts.
Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter.
The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom's crude production will stand at about 9 million barrels a day through the end of June.
Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter — across a blend of production and exports.
Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will be continuing reductions as well, according to OPEC's secretariat, in smaller amounts.
The OPEC+ countries participating in production cuts, which have gradually piled up since October 2022, have pointed to goals of balancing the oil market — noting that volumes will be gradually returned subject to market conditions.
The price of Brent crude, the international benchmark, stood at about $83.55 per barrel at the end of last week, up from $77.33 seen a month ago. Despite the recent increase, Brent's going price is still modest — notably far below the soaring oil prices following Russia's invasion of Ukraine in 2022 — and in line with analysts' previous expectations.
Sunday's latest extension of cuts are
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