OPEC+ sets output target of 40.5 mln bpd for 2024

04/06/2023 Argaam

OPEC+ sets output target of 40.5 mln bpd for 2024

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OPEC and its allies agreed on June 4 to set a new production target at 40.46 million barrels per day (bpd) from January-December 2024, OPEC+ said in a statement.

 

Accordingly, OPEC+ agreed to slash its production target for 2024 by around 1.4 million barrels per day (bpd) compared to current production targets, Reuters reported.

 

Elsewhere, a Ministry of Energy official in Saudi Arabia said the Kingdom will extend its voluntary output cut of 500,000 barrels per day (bpd) as a precautionary measure until December 31, 2024 in coordination with some other OPEC+ participating countries.

Russia will extend its voluntary oil production cut of 500,000 barrels per day until the end of December 2024, Reuters reported, citing Russian Deputy Prime Minister.

 

The next OPEC+ meeting will take place in Vienna on Nov. 26.

Target production plans for each country

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