VIENNA: Eight member countries of the OPEC+ oil-producing group announced on Sunday that they will extend their voluntary output cuts by one month, continuing these reductions through the end of December in response to ongoing weak oil prices, as reported by Xinhua.
OPEC+, which includes the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, has confirmed that the participating countries—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for an additional month until the end of December 2024.
In their statement, OPEC emphasized that these countries are committed to achieving full conformity with their production targets and will take measures to compensate for any overproduction by September 2025.
This decision comes on the heels of a previous extension announced in September, when these eight countries opted to prolong their voluntary production cuts, which were initially set to expire at the end of September, by another two months.
The move to extend the cuts is a strategic response to the recent downward trend in oil prices, which have been influenced by concerns over slowing global demand.
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