According to Bloomberg News today, citing representatives, the OPEC+ alliance has agreed to extend current supply cuts until mid-year to avoid surpluses in the market. Sources told Reuters that OPEC+ members who made voluntary production cuts in the first quarter of this year have agreed to continue these cuts in the second quarter.
*Kuwait*
The Kuwait News Agency (KUNA) quoted the oil minister on Sunday, stating that Kuwait will reduce its oil production by 135,000 barrels per day until June.
*Algeria*
The Algerian Ministry of Energy and Mines stated in a statement on Sunday that Algeria will cut its oil production by 51,000 barrels per day in the second quarter of this year. The ministry added: "Algeria will extend its voluntary cut of 51,000 barrels per day for the second quarter of this year, in coordination with some countries participating in the OPEC+ agreement. Thus, Algeria's production will be 908,000 barrels per day until the end of June 2024."
*Russia*
On Sunday, Russian Deputy Prime Minister Alexander Novak stated that Russia will reduce its oil production and exports by an additional 471,000 barrels per day in the second quarter of this year.
*Saudi Arabia*
The Saudi Press Agency reported that "Saudi Arabia has extended its voluntary reduction of oil production by one million barrels per day during the second quarter."
