Opec Cuts Oil Production By 2m Barrels Per Day Erste Am Blog Key reasons explained. london, april 3 (reuters) opec and its allies, including russia, agreed on sunday to widen crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7% of. The organization of the petroleum exporting countries and its allies — a group of leading oil producers known as opec — agreed sunday to extend production cuts announced last year into 2025.
Opec Members Agree To Cut Oil Production Outputs Opec expects demand for opec crude to average 43.65 million bpd in the second half of 2024, implying a stocks drawdown of 2.63 million bpd if the group maintains output at april's rate of 41.02. The 2 million bpd cut in oil production was backed by saudi arabia and could benefit russia. the opec meeting took place as much of the world is battling soaring energy costs and rising inflation. Opec oil producers on thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by saudi arabia rolling over its current voluntary cut. Opec members are implementing three sets of supply cuts introduced since november 2022. the first set, a group wide cut of 2mn b d set to expire at the end of the year, was extended for 12 months.
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