OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants

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. Russia also 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.