OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants | KLRT [Video]

NEW YORK (AP) — Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts.

Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter.

The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom’s crude production will stand at about 9 million barrels a day through the end of June.

Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter — across a blend of production and exports.

Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will be continuing reductions as well, according …