OPEC+ Postpones Output Policy Meeting to June 2 Amid Significant Oil Production Cuts

OPEC+ has rescheduled its output policy meeting to June 2, moving it online. The group, led by Saudi Arabia and Russia, has committed to voluntary oil production cuts totaling approximately 2.2 million barrels per day for the first half of 2024. Total pledged cuts amount to 5.86 million bpd.

The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2.

The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday. OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut.

The curbs are on top of earlier reductions announced in various steps since late 2022 and bring total pledged cuts to about 5.86 million bpd, equal to about 5.7% of daily world demand, Reuters calculations show.