Some members of oil cartel Opec, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts.
Announcements from several Opec+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organisation noted Sunday.
Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter.
The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom’s crude production will stand at about 9 million barrels a day through the end of June.
