OPEC+ agreed to continue voluntary output cuts of approximately 2.2 million barrels per day (bpd) for next year. The group discussed 2024 output due to forecasts of a potential market surplus, with Saudi Arabia’s 1 million bpd cut set to end soon. The agreement extends Saudi Arabia and Russia’s voluntary cuts of 1.3 million bpd. The International Energy Agency predicts slowed 2024 demand growth.
- OPEC+ agrees preliminary oil cut deal of over 1 million bpd, sources say