OPEC+ announces voluntary oil production cuts

OPEC+ on Thursday agreed to oil production cuts for 2024, which member states will make on a voluntary basis.

Saudi Arabia will lead the bloc in cutting production and the group aims to collectively reduce output by 2.2 million barrels per day, Reuters reported. OPEC+ produces roughly 40% of the world's oil.

The bloc meeting also saw the organization agree to admit Brazil in 2024, according to the Washington Post.

OPEC+ previously cut production in April of this year, with Russia and Saudi Arabia extending those cuts in September in a bid to keep prices high.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.