Today, Sunday, June 2, 2024, an OPEC+ alliance meeting will be held with the aim of discussing oil production policy.

It was decided to hold the meeting virtually via the Internet, but the ministers of the countries that are voluntarily reducing production intend to travel to the Saudi capital, Riyadh. In order to participate in the meeting in person, according to what sources told Al Arabiya Business

The OPEC+ alliance includes the countries of the Organization of the Petroleum Exporting Countries (OPEC), in addition to other producing countries, including Russia. The alliance will decide its production policy for the rest of 2024 and likely for next year as well.

The coalition is expected to discuss an agreement that would extend the oil production cuts until 2025.
OPEC+ is currently reducing production by a total of 5.86 million barrels per day, equivalent to approximately 5.7% of global demand.

The cuts include 3.66 million barrels per day from OPEC+ members, effective until the end of 2024, as well as voluntary cuts of 2.2 million barrels per day for some members, valid until the end of this month of June.

Some sources indicated that the meeting will include countries that are making voluntary cuts in supplies by 2.2 million barrels per day, as part of the coalition’s comprehensive efforts aimed at curbing supplies, supporting crude prices, and achieving balance in the market.

These additional cuts are scheduled to expire this June.

Saudi Arabia, the UAE, Algeria, Iraq, Kazakhstan, Kuwait, Oman and Russia are among the countries implementing a voluntary production cut.

OPEC+ has made a series of cuts since late 2022 in light of the increase in production from non-member countries, such as the United States, and concerns about demand amid rising interest rates.