The organization of Petroleum Exporting Countries (OPEC) announced on Thursday that a number of “OPEC+” countries will voluntarily reduce oil production in the first quarter of 2024 by 2.2 million barrels per day to maintain the stability of the oil market, as stated in the organization’s statement.
The statement added that after the first quarter, the oil production volumes reduced by the “OPEC+” countries will gradually return to the world market depending on the market situation.
An official source at the Ministry of Energy announced that Saudi Arabia will extend its voluntary reduction of one million barrels per day, which began to be applied in July 2023, until the end of the first quarter of 2024, in coordination with some countries participating in the OPEC+agreement.
Russia announced Thursday that it will strengthen its voluntary reduction of oil supplies to 500 thousand barrels per day and extend it until the end of the first quarter of 2024.
In a related context, Iraq announced an additional voluntary reduction in oil production by 211 thousand barrels per day starting from the first of January and for a period of 3 months.
For its part, the UAE will voluntarily reduce oil production by 163 thousand barrels per day in the first quarter of 2024.
Deputy prime minister, minister of oil, minister of State for Economic Affairs and investment and chairman of the board of Directors of the Kuwait Petroleum Corporation, Dr. Saad al-Barrak, also announced that the state of Kuwait will make an additional voluntary reduction of 135 thousand barrels per day from January 1, 2024 until the end of March 2024.
The Ministry of energy of Kazakhstan announced that, within the framework of the “OPEC+” agreement, it will voluntarily reduce oil production by 82 thousand barrels per day in the first quarter of next year.
