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OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts


Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023.Joe Klamar | Afp | Getty ImagesThe influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines.OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024.Previously, the alliance agreed to a 2 million barrels-per-day decline in October. Some OPEC+ members also announced some voluntary drops of just over 1.6 million barrels per day in April. Russia’s Deputy Prime Minister Alexander Novak said Sunda …

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