The countries in OPEC+ have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day until the end of November 2024.
The UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman had previously announced similar cuts in April and November 2023. After holding a virtual meeting on September 5 2024, the nations emphasised their collective resolve to maintain the production cuts for an additional two months.
Starting December 1, 2024, these cuts will be gradually phased out every month, with the flexibility to pause or reverse adjustments as needed, the OPEC+ countries said,
During the meeting, Iraq and Kazakhstan reconfirmed their commitment to compensate for any overproduced volumes by September 2025. The two overproducing nations agreed to work with secondary sources to outline plans for production adjustments and meet compensation schedules submitted to the OPEC Secretariat on August 22.