The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia is known as OPEC+. The group made the announcement on Friday:

  • pushed back its output policy meeting to June 2, from June 1
  • will convene online instead of in Vienna

The current state of play with OPEC+ is:

  • voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut
  • curbs are in addition to earlier reductions of 3.66 million bpd to the end of 2024, announced in various steps since late 2022
  • an extension is expected
opec oil 17 February 2023