Opec+ members agree to extend voluntary oil output cuts until end of 2024 – The National

Opec+ members agree to extend voluntary oil output cuts until end of 2024 – The National

Opec+ members Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria will extend their voluntary oil production cuts until the end of 2024 as economic growth concerns weigh on the outlook for crude demand.

Saudi Arabia, the world's largest crude exporter, will make an additional voluntary output cut of 1 million barrels per day in July, which could be extended if required, the kingdom's energy minister said during a press conference after Sunday's Opec+ meeting.

“We continue to set the example of how much one needs to be transparent in order to achieve the most … dominant and more important priorities, which is seeking stability and sustainability,” Prince Abdulaziz bin Salman said.