OPEC+ Agrees To Extend Current Output Reduction Framework Until End Of 2024

OPEC+ Agrees To Extend Current Output Reduction Framework Until End Of 2024

June 5, 2023, 7:57 a.m.

A group of major oil producing nations, known as OPEC Plus, has agreed to extend its current output reduction framework until the end of 2024.

The Organization of the Petroleum Exporting Countries and its allies, such as Russia, held a meeting on Sunday in Vienna, Austria.

The agreement was reached after negotiations reportedly ran into difficulty, because of opposition from some African and other nations regarding output quotas.

OPEC Plus decided in October 2022 to reduce its output by 2 million barrels per day from the following month. However, this time it decided to do without further production cuts for the rest of 2023.

Instead, Saudi Arabia says it will make a voluntary daily reduction of 1 million barrels in July. Analysts say the country is seeking to prop up falling crude oil prices.

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