Several major oil producers announced the extension of voluntary oil production cuts

The Organization of Petroleum Exporting Countries (Opec) official website said on the 3rd that a number of "Opec +" members consisting of Opec member states and non-OPEC oil-producing countries announced that they would continue to implement voluntary oil production cuts in the second quarter of this year. According to the report, the production reduction refers to the 2024 production target of each member set by the 35th ministerial meeting of Opec + in June 2023, and is an additional production reduction after the voluntary production reduction measures announced by major oil producers in April 2023.

According to the Saudi Arabian News Agency on the 3rd, Saudi Arabia, a major member of Opec +, will extend the voluntary oil production reduction measures of 1 million barrels per day since July 2023 until the end of the second quarter of this year. As a result, by the end of June this year, Saudi oil production will be about 9 million barrels a day. The voluntary production cut is a precautionary effort to consolidate Opec + members' efforts to support stability and balance in the oil market. Thereafter, the reduction measures will be gradually adjusted according to market conditions.

According to Opec's official website, at present, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman and other countries have also announced that they will continue to implement voluntary production cuts. According to Reuters news, after a number of "Opec +" member states announced the extension of voluntary oil production cuts, international oil prices rose on the 4th, basically in line with market expectations.