OPEC+ Agrees to Extend Oil Production Cuts Into 2024 to Balance Market
• Saudi Arabia extending its 1 million barrel per day production cut through Q2 2024 • Russia announcing additional 471,000 barrels per day cut for Q2 • Iraq, UAE, Kuwait, Kazakhstan, Algeria, Oman also continuing reductions • Cuts aimed at balancing oil market; volumes to return gradually based on conditions • Extends existing OPEC+ cuts; Brent crude price at $83.55/barrel, up from $77.33 a month ago