Moscow, Riyadh, and other OPEC+ members extend oil production cuts until mid-2024 to stabilize prices amidst economic uncertainty. Saudi Arabia plans a one-million-barrel-per-day reduction from April to June, with Russia following suit with 471,000 bpd cuts. These measures supplement previous reductions, aiming to restore market stability post-Q2. UAE, Kuwait, Iraq, and Kazakhstan also commit to extending voluntary cuts until June. Since 2022, OPEC+ has slashed over five million bpd. Russia’s Ukraine invasion triggered oil price spikes, with WTI surpassing $80 and Brent hitting $83.55. The fragile unity within OPEC+ raises concerns, highlighting the need for broader cooperation to maintain market balance.
OPEC+ Extends Oil Production Cuts Amid Market Volatility
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