Algeria, Oman, Iraq and the UAE have announced that they will extend the reduction in oil production
Thus, additional reductions, estimated at 1.7 million b/d, will remain in force until the end of June. Another 0.5 million bpd is a decrease in oil exports to world markets from Russia.
A number of OPEC+ countries are voluntarily reducing their production by 1.66 million b/d by the end of 2024: 500 thousand b/d each accounted for the leaders of the deal - Russia and Saudi Arabia. In total, they took part in the voluntary reduction: Kazakhstan (78 thousand b/d), Oman (40 thousand b/d), the United Arab Emirates (144 thousand b/d), Kuwait (128 thousand b/d), Iraq (211 thousand b/d), Algeria (48 thousand b/d).
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