OPEC+ Members to Extend Voluntary Crude Output Cuts Into Second Quarter

by Ship & Bunker News Team
Monday March 4, 2024

Members of the OPEC+ crude producer group are set to extend their voluntary output cuts into the second quarter of this year, adding some support to the market amid weak global economic growth.

Saudi Arabia will extend its voluntary 1 million b/d cut to the end of June, while Russia will add 471,000 b/d to its cuts in the second quarter, news agency Reuters reported on Sunday.

The voluntary cuts by various OPEC+ members add up to a total of 2.2 million b/d.

ICE Brent crude futures were little changed on Monday morning, with the May contract trading at $83.56/bl as of 7:02 AM in London, compared to Friday's closing price of $83.55/bl.