OPEC+ agrees to a new production target of 40.46 mbd from 2024

Following the conclusion of its ministerial meeting on June 4, OPEC and its allies (OPEC+) announced in a statement that they had reached an agreement for a new production target of 40.46 million barrels per day (mbd) as of 2024.

The statement informed that the next OPEC+ meeting will take place on November 26 in Viennaand added that Russia, Angola and Nigeria will suffer significant cuts to their production targets in 2024.

In response, Russian Deputy Prime Minister Alexandar Novak said that Russia’s voluntary production cuts remain at 500 bd, extending voluntary production cuts until 2024.

Additional comments

“OPEC+ agrees total oil production cuts of 3.66 mbd”.

We closely follow China’s recovery after the crisis“.

“We have the possibility of tweaking our decisions.”

Source: Fx Street

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