Opec Cuts 2024. Those cuts were valid until the end of 2023 and on sunday opec+, in a broader deal on output policy agreed after seven hours of talks, said it would extend them until the end of. Opec+ extends oil cuts, with russia bolstering its effort.
These voluntary cuts are calculated from the 2024 required production level as per the 35th opec ministerial meeting held on june 4, 2023, and are in addition to the voluntary cuts previously announced in april 2023 and later extended until the end of 2024. As well as extending the group’s existing supply cuts of 3.66 million bpd for another year, it agreed to reduce overall production targets from january 2024 by a further 1.4 million.