OPEC Plus alliance agreement enhances the balance of the global oil market in the second half of 2024

Russia announced that the global oil market will be balanced in the second half of the year and beyond thanks to the OPEC Plus alliance agreement on production. Russian Deputy Prime Minister Alexander Novak said that the OPEC Plus alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, has been implementing a series of production cuts since late 2022 to support the market. The Alliance agreed on June 2 to extend the previous cut of 2.2 million barrels per day until the end of September and gradually remove it starting in October. The US Energy Information Administration said last week that global oil demand will exceed production by about 750,000 barrels per day in the second half of 2024 due to the decline in OPEC Plus production. The OPEC report last week also indicated a deficit in oil supplies in the coming months and in 2025. Novak explained that the global oil market will be balanced thanks to Russia's moves. Source: National Iraqi News A gency