With the platform, Türkiye will launch the second phase of production at the Sakarya Gas Field, Energy and Natural Resources Minister Alparslan Bayraktar said on Friday.

The shift in thinking represents a major change of tack for Saudi Arabia, which has led other Opec+ members in repeatedly cutting output since November 2022 in an attempt to maintain high prices.

The Russian Federation retains its full commitment to the OPEC Plus agreement.

Согласно прогнозам ОПЕК+, спрос на нефть в 2024 году вырастет на 2,2 млн баррелей в сутки (б/с), до 102 млн б/с. «В перспективе до 2030 года, а это всего 6 лет, сегодняшние 102 млн б/с могут превратиться в 110 млн б/с или даже 115 млн б/с», – отметил Александр Новак.

Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025.

As part of the OPEC+ agreement and voluntary reductions taken by a number of countries, including the Russian Federation, production restrictions were extended to the second quarter of 2024.

Production decreased 0.4% in March, led by drops in consumer and intermediate goods, and energy, the statistics office said Wednesday.

The country exported a total of 7.3 million barrels a day last month, down 6.4% from March, the Paris-based agency said in its monthly report published Wednesday. That’s Russia’s lowest oil exports in five months, the IEA estimates show.

The global oil demand growth forecast for 2024 remains broadly unchanged from last month’s assessment at 2.2 mb/d.

The data indicated that the Kingdom’s crude exports rose to 6.32 million bpd, reflecting a monthly increase of 0.32 percent.