Kuwait announced an extension of the voluntary reduction in oil production by 135 thousand bpd

Kuwait’s Minister of Oil and head of the Kuwait Oil Corporation Imad al-Atiqi said that his country has extended the voluntary reduction in oil production by 135 thousand barrels per day (b/d) until the end of June 2024, the Kuwaiti state agency KUNA reports on the social network X. Thus , Kuwait’s oil production will remain at 2.413 million bpd, he added. Kuwait became the first OPEC+ country to announce an extension of its voluntary production cuts.

Earlier today, March 3, Bloomberg, citing delegates from OPEC+ member countries reportedthat the states of the organization agreed to extend the reduction in oil exports by 2 million bpd until the end of June. According to the agency’s interlocutors, according to the agreements reached, Saudi Arabia will continue to maintain the supply reduction at the level of 1 million bpd.

On February 15, the International Energy Agency (IEA) published a report according to which in January 2024, global oil supplies fell sharply by 1.4 million bpd to an average of 101.45 million bpd. The decrease in supplies, as explained by the IEA, occurred against the backdrop of new voluntary cuts in exports by OPEC+ countries, as well as interruptions in oil production in North America due to severe cold weather.

Production in Russia, according to the IEA, in January decreased by only 40 thousand b/d, to 9.44 million b/d. The volumes of Russian exports in January also changed slightly – deliveries amounted to 7.7 million b/d (oil exports decreased by 1% – to 4.84 million b/d, exports of petroleum products increased by 0.5%, to 2.85 million b/d /With).

Read more in the Kommersant article. “Oil of undetermined purpose”.

Erdni Kagaltynov