OPEC+, comprised of the Organization of the Petroleum Exporting Countries and allies led by Russia, has agreed to extend the deal to cut oil production until the end of 2024. The deal put in place cuts of 3.66 million barrels per day (bpd) which represents 3.6% of global demand. OPEC+ produces around 40% of the world's crude oil, and its policy decisions usually have a major impact on oil prices.
