Opec+ members agree to extend voluntary oil output cuts until end of 2024

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(VOVWORLD) - The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Sunday agreed to adjust their overall production level to nearly 40.5 million barrels per day (bpd) for the whole 2024, starting January 1.

The oil alliance announced the decision in a statement released following the 35th OPEC+ ministers meeting held in Vienna earlier in the day.

In the statement, OPEC+ reiterated its intention to achieve a stable oil market and provide long-term guidance for the market.