• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 2 days China deletes leaked stats showing plunging birth rate for 2023
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Bad news for e-cars keeps coming
Oil Prices Climb as Sentiment Continues to Improve

Oil Prices Climb as Sentiment Continues to Improve

Oil prices have been climbing…

From Fantasy to Fact: The EV Slowdown Gets Real

From Fantasy to Fact: The EV Slowdown Gets Real

Despite significant efforts and investments,…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

OPEC+ Headed for 2 Million Bpd Oil Output Cut in 2024

  • OPEC+ delegates have been telling the media that the group’s total cuts could be close to 2 million bpd in 2024.
  • The total figure would include the rollover of Saudi Arabia’s and Russia’s current cuts which account for 1.3 million bpd.
  • Oil prices moved higher on the news, with WTI trading at $78.95 and Brent moving above $84.

As the meeting of the Joint Ministerial Monitoring Committee (JMMC) began on Thursday, delegates are telling media that OPEC+ could be discussing deeper oil production cuts for the first quarter of 2024 and that total cuts could be close to 2 million barrels per day (bpd).  

Total OPEC+ cuts could approach 2 million bpd, depending on the willingness of the countries to contribute, according to delegates, commodity analyst Giovanni Staunovo reported as the JMMC meeting began.

The figure includes a rollover of the Saudi and Russian cuts of a total of 1.3 million bpd.

The meeting of the OPEC+ monitoring panel will be followed by a full online OPEC+ meeting at which all decisions will be taken.

“There’s a lot of confidence that OPEC plus will conclude a deal that leads to a deeper cut,” Amena Bakr, Chief Opec Correspondent and Deputy Bureau Chief at Energy Intelligence, reported, but noted that it’s still not clear what the final number would look like.

Oil prices extended gains on the reports of deeper cuts next year and were trading 1.5% higher less than half an hour before the full OPEC+ meeting was set to begin.

Earlier today, sources close to the Saudi delegation told the Financial Times that Saudi Arabia, the leader of OPEC and its top producer, has won provisional approval for additional cuts, to which other OPEC+ members will contribute, too.

Saudi Arabia has warned other OPEC+ members that it could unwind its voluntary 1 million bpd cut if other producers don’t agree to cut deeper, delegates told FT.

A preliminary agreement has been reached that OPEC+ could cut more than 1 million barrels per day (bpd) next year, including Saudi Arabia extending its voluntary cuts and additional cuts from other members of the group, two sources at OPEC+ told Reuters earlier in the day.

By Charles Kennedy for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Dewey on November 30 2023 said:
    Good to see the cut commitment.$120 WTC is now achievable it should be sustainable .

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News