Several countries, including OPEC, decided to continue cutting crude oil production

Washington: Some members of OPEC, an organization of oil-producing countries led by Saudi Arabia, and countries like Russia are further increasing voluntary cuts in crude oil production.

The Secretariat of the multinational organization said that many OPEC and other countries have cut production by about 2.2 million barrels per day.

Saudi Arabia has decided to extend the cut by one million barrels per day until the end of the second quarter of 2024.

Sources in the Energy Ministry say that this extension of production cuts means that Saudi Arabia will produce 9 million barrels of crude oil per day by the end of June. In addition, Russia also announced a voluntary additional cut of 471,000 barrels per day in the second quarter.

OPEC says it will continue to cut in Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.