OPEC+ Extends Oil Production Cuts Till 2024 End

OPEC+ has decided to maintain its voluntary cuts of approximately 1.66 million barrels per day, announced in April 2023, until the end of 2024. This decision, confirmed by three sources from the group, aims to stabilize oil prices by managing supply effectively.

OPEC+ voluntary cuts amounting to about 1.66 million barrels per day that were announced in April 2023 will remain in place until the end of next year, three sources from the group told Reuters on Sunday.

The cuts were set to expire at the end of 2024.