Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

OPEC+ members agree to extend Q1 oil production cuts to Q2

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Mar 2024 19:15
3 Min Read

Russia said it plans to further decrease its oil production and exports by a total of 471,000 barrels per day in Q2

  • x
  • An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022. (AP)
    An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022. (AP)

Amid heightened geopolitical tensions, OPEC and its allies, led by Russia (OPEC+), have agreed to prolong voluntary oil output cuts originally slated for the first quarter into the second, sources informed Reuters.

Moments ago, Algeria issued a statement declaring its intention to prolong its voluntary reduction in oil production by 51 thousand barrels per day until the end of June.

Oman likewise stated its decision to decrease oil production by 42 thousand barrels per day for the second quarter of the year.

Saudi Arabia stated that the country plans to maintain its oil output at approximately 9 million barrels per day through June and that the decision to extend production cuts is aimed at supporting the stability of the oil market.

Russia said it plans to further decrease its oil production and exports by a total of 471,000 barrels per day in Q2, the UAE said it agreed to reduce its oil output by 163,000 bpd for Q2, and Iraq's Oil Minister has confirmed the country's intention to extend its voluntary output cut into Q2. 

Price stabilization

The agreement, which initially took effect in November 2023, involved voluntary production cuts totaling approximately 2.2 million barrels per day (bpd) for the first quarter, with Saudi Arabia assuming the lead by extending its voluntary cuts.

According to the report, these efforts are intended to counter the rising output from the US and other non-member producers. They also aim to address concerns regarding demand fluctuations amidst prevailing high-interest rates in major economies.

Related News

Kiev accused of using Russian woman in suicide bomb plot: FSB

Russian troops capture Filiya village, 146 service people repatriated

It further states that oil prices have been influenced by two contrasting factors, namely the current crisis in the Red Sea, and concerns about economic growth and high interest rates. 

On Tuesday, the trading price of Brent crude oil hovered at $83 per barrel.

Read more: US, G7 to explore appropriation of Russia's $200+ bln in 2024: FT

Cuts in oil production have historically been standard practice among oil-producing economies and are primarily aimed at stabilizing oil prices, particularly during periods of heightened geopolitical tensions.

In the context of the current geopolitical climate, OPEC began implementing cuts since the fall of 2022.

By stabilizing prices, Russia hopes to counter the negative impact of G7 price caps on its energy sector. 

Recent increases in production cuts coincide with global economic uncertainty, as many central banks respond to inflationary pressures by raising interest rates.

These measures are viewed as a potential hinderance for economic growth by OPEC members, consequently prompting adjustments in oil production.

Despite being the world's largest oil producer, the United States primarily exports much of its domestic output. Instead, it imports oil that is challenging to refine but aligns well with its refinery capabilities.

The US Energy Information Administration announced in January that weekly oil production in the United States reached 13.2 million barrels per day.

  • Russia
  • Oman
  • Oil Production
  • OPEC+
  • Algeria
  • Oil prices
  • Saudi Arabia

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS