Summary: The announcement of voluntary cuts from OPEC+ members was met with confusion and mixed interpretation by observers over the size and nature of the cuts. One interpretation seems to suggest that the cuts were an extension of the existing voluntary cuts taken by some members earlier in 2023. The language of the press release, however, pointed to additional cuts on top of the voluntary cuts already taken. The actual situation that ESAI Energy has been able to independently verify with OPEC member countries is a combination of both extensions and additional cuts. In short, Russia and Saudi Arabia will extend the voluntary cuts taken from last year, while for other members, the voluntary cuts announced last week will be in addition to the cuts already taken. Of the announced 2.2 million b/d voluntary on Thursday last week, only 700,000 b/d will be additional to the already existing supply cut.