OPEC+ extends production cuts as Saudis reduce output by 1M bbl/day.

Saudi Arabia will make an additional voluntary cut of 1 million barrels per day (bpd) of crude oil starting in July as part of a new OPEC+ agreement that includes an extension of voluntary cuts through 2024. OPEC+ will keep official production targets unchanged for the rest of this year and limit combined oil output from January-December 2024 to 40.46 million bpd. The United Arab Emirates gets a boost to its quota for next year, coming at the expense of African members who were asked to give up part of their unused quota.