The Organisation of Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, have decided to stick to the current 2023 oil production target
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At the meeting on Sunday, the alliance extended the cuts until the end of 2024, according to a ReutersSaudi Arabia, an OPEC member, and the world’s biggest oil producer, also made an additional voluntary cut of one million bdp from July.Meanwhile, the oil cartel also reduced the combined oil production to 40.463 million bdp from January to December 2024, including 24.994 million bpd for OPEC member countries, and 15.469 million bpd for non-OPEC member countries.
“Adjust the level of overall crude oil production for OPEC and non-OPEC participating countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024, which is to be distributed as per the attached table,” the oil cartel said.
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