OPEC+ Members Decide to Extend Voluntary Production Cuts for One More Month

According to a recent statement from OPEC, OPEC+ members Algeria, Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, and Oman have decided to extend the production cut of 2.2 million barrels per day until the end of December 2024.

The OPEC Secretariat noted that the eight OPEC+ countries, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April and November 2023, have agreed to extend the daily 2.2 million barrels of voluntary production adjustments from November 2023 for an additional month until the end of December 2024.

Additionally, the eight countries reiterated their joint commitment to fully comply with the Cooperation Declaration, including additional voluntary production adjustments decided upon by the JMMC during the 53rd meeting held on April 3, 2024, and to fully compensate for excess production volumes since January 2024 until September 2025, in accordance with the compensation plans submitted to the OPEC Secretariat.

The countries also noted their strong reaffirmation of commitment to the agreement and compensation programs for excess production volumes since January 2024, following Iraq's recent announcement, along with Russia and Kazakhstan's additional voluntary production adjustments.