OPEC+ has reached an agreement to extend production cuts to 2024, setting the new oil production target for 2024 at 40.46 million barrels per day, OPEC said in a statement. In addition, Saudi Arabia will extend its voluntary cut of 500,000 barrels per day in oil production.
OPEC+’s extension of cuts ensures market stability. This was stated by Alexander Novak, the Russian deputy prime minister in charge of energy resources, according to reports from the Bloomberg agency. Novak stressed that there was no disagreement between Russia and Saudi Arabia.
