Category: Forex News

Oil – OPEC+ extends output cuts by three months.

By Published On: March 3, 20240.6 min readViews: 2500 Comments on Oil – OPEC+ extends output cuts by three months.

Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have basically extended the November 2023 output cut decision.

  • Saudi Arabia will keep its 1mn barrel per day voluntary crude production cut until the end of June — something it first began implementing in July 2023.

Russia said it’ll implement a mix of crude production and export cuts totalling 471,000 b/d

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  • for April it’ll cut crude output by 350,000 b/d and exports by 121,000 b/d
  • for May crude production cut bumps up to 400,000 b/d, while the the cut to exports trims to 71,000 b/d
  • for June the cut is only for production, of 471,000 b/d

At the margin this’ll be a tailwind for oil prices. Markets will reopen for the week at 6pm US Eastern time.

OPEC


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