OPEC+ to adjust total oil production to 40.46 million barrels per day from 2024
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OPEC+ has agreed to adjust overall oil production to 40.46 million barrels per day (bpd) from 2024. This is stated in message OPEC following the ministerial meeting.
“Adjust the level of total crude oil production for OPEC and non-OPEC countries to 40.46 million barrels per day from January 1, 2024 to December 31, 2024,” OPEC said.
Target oil production levels for 2024 are as follows:
- Algeria — 1.007 million b/d;
- Angola — 1.280 million b/d;
- Congo – 276 thousand b/d;
- Equatorial Guinea – 70 thousand b/d;
- Gabon – 177 thousand b/d;
- Iraq — 4.431 million b/d;
- Kuwait — 2.676 million b/d;
- Nigeria — 1.380 million b/d;
- Saudi Arabia — 10.478 million b/d;
- UAE — 3.219 million b/d;
- Azerbaijan – 551 thousand b/d;
- Bahrain – 196 thousand b/d;
- Brunei – 83 thousand b/d;
- Kazakhstan — 1.628 million b/d;
- Malaysia — 401 thousand b/d;
- Mexico — 1.753 million b/d;
- Oman – 841 thousand b/d;
- Russia — 9.828 million b/d;
- Sudan – 64 thousand b/d;
- South Sudan – 124 thousand b/d.
The total oil production of the OPEC+ countries will be adjusted to 40.463 million b/d. The 36th OPEC+ Ministerial Meeting is scheduled for November 26, 2023 in Vienna.
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