OPEC representative: Outline of production cut agreement has been formulated

On June 2nd, according to foreign media reports, OPEC representatives said that OPEC + has drawn up the outline of an agreement to extend key parts of its oil production cuts until the second half of this year, as the organization continues to work to avoid a global supply glut and support prices. The so-called "voluntary" production reduction agreements of major member countries, including Saudi Arabia and Russia, total about 2 million barrels per day and will expire at the end of June. Delegates said that in addition to these voluntary production cuts, OPEC has also reached an agreement to limit total crude oil production to about 39 million barrels per day, and the alliance is also discussing extending the agreement until 2025. The picture below shows the current multi-layer production reduction agreement within OPEC.