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OPEC+ nations to cut oil production in 2024 by 3.66 mln barrels a day on October 2022

Alexander Novak called it important the decision to extend those voluntary cuts that the countries took on in order to balance the market from May 1, 2023

MOSCOW, June 4. /TASS/. The OPEC+ nations will cut oil production in 2024 by an aggregate of 3.66 million barrels a day on October 2022, Russian Deputy Prime Minister Alexander Novak said on Sunday.

"It is an important decision to extend the voluntary cuts announced by the countries from May 1, 2023 in order to balance the market. It is 1.66 million barrels a day on top of what was announced last October. I will me remind, it is two million barrels a day. So, in aggregate it is 3.66 million barrels undertaken by the OPEC+ countries to ensure stable market operation," he said in an interview with the Rossiya-24 television channel.

On Sunday, OPEC+ nations agreed the level of oil production in 2024 at 40.46 million barrels a day.

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Alexander Novak

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