Voluntary production cuts extended until the end of the first quarter of 2024

Saudi Arabia has extended its voluntary daily production cut of 1 million barrels until the end of March 2024. Saudi Arabia's daily production will be around 9 million barrels.

Russian Deputy Prime Minister Alexander Novak stated on Thursday that the voluntary oil production cuts by OPEC+ producers, which exceed 2 million barrels per day in the first quarter, will help meet low demand during the winter months.

Novak said that in the first quarter, Russia's additional oil reduction will be 500,000 barrels/day, Saudi Arabia will reduce supply by 1 million barrels/day, and other countries will contribute an additional reduction of 700,000 barrels/day.

Kazakhstan announced that it will reduce its oil production by an additional 82,000 barrels per day in the first quarter of 2024. This cut will be implemented in addition to the 78,000-barrel voluntary cut announced by Kazakhstan in April 2023, which will continue until the end of December 2024.

Consequently, Kazakhstan's production will be 1.468 million barrels/day until the end of March 2024. Oman will voluntarily reduce its daily production by 42 thousand barrels from January until the end of March.

Kuwait will cut its daily production by 135 thousand barrels from January until the end of March. In addition to the 48 thousand barrels/day production cut it is already implementing, Algeria will reduce its production by an additional 51 thousand barrels per day from January until the end of March.

News Source: 12punto