Opec+ members agree to extend voluntary oil output cuts until end of 2024
(VOVWORLD) - The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Sunday agreed to adjust their overall production level to nearly 40.5 million barrels per day (bpd) for the whole 2024, starting January 1.
The oil alliance announced the decision in a statement released following the 35th OPEC+ ministers meeting held in Vienna earlier in the day.
In the statement, OPEC+ reiterated its intention to achieve a stable oil market and provide long-term guidance for the market.