OPEC non-OPEC producers reach output cut deal

From June 3rd to 4th local time, OPEC and non-OPEC oil-producing countries held a meeting in Vienna. After difficult negotiations, major oil-producing countries reached an agreement to reduce production. The statement issued after the meeting stated that the production reduction agreement reached by OPEC and non-OPEC oil-producing countries in 2023 will continue until the end of the year. The daily output of crude oil is adjusted to 40.463 million barrels per day. Compared with the current production, the daily output of crude oil in 2024 is lowered by about 1.4 million barrels.