OPEC+ oil producers are currently implementing a complex set of production cuts totaling around 5.86 million barrels per day (bpd) to support global oil prices. These cuts comprise both mandatory and voluntary reductions agreed upon in various steps since late 2022.
The latest round of voluntary cuts, announced in November 2023, amounts to 2.2 million bpd and is scheduled to remain in place until the first half of 2024. This comes on top of earlier mandatory reductions of 3.66 million bpd, which were extended by OPEC+ until the end of 2024 when they met in June 2023.
The 2.2 million bpd of voluntary cuts include an extension of existing 1.3 million bpd cuts by Saudi Arabia and Russia, with the remaining 900,000 bpd being the newest element.
Prior to the November 2023 announcement, OPEC+ was already implementing production cuts of around 5 million bpd, comprising the 1.3 million bpd of Saudi and Russian voluntary cuts and the 3.66 million bpd of mandatory reductions agreed in previous steps.
The OPEC+ group is scheduled to meet on June 2 to decide on the next steps for their output policy, including whether to extend the current 2.2 million bpd of voluntary cuts beyond the first half of 2024.