The Organization of the Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+, showed their commitment to higher oil prices in their meeting on June 4, with Saudi Arabia announcing additional output cuts and some other members extending their voluntary cuts until the end of 2024.
Following their meeting in Vienna, OPEC+ members extended their voluntary supply cuts until the end of 2024, which were first announced in April and were supposed to expire at the end of 2023, according to the Saudi Press Agency, the official news agency of the Kingdom.
In addition, the Saudi Arabian Ministry of Energy has announced that beginning in July, the country will implement a further voluntary cut in its crude production, amounting to one million barrels per day (bpd). This additional output cut can be prolonged beyond July, the news agency reported. As a result, Saudi Arabia’s output will be reduced to 9 million bpd in July, and its total voluntary cut will be 1.5 million bpd….