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OPEC+ extends voluntary production adjustments until end of December

04-11-2024

Eight OPEC+ member countries agreed on Sunday to extend the voluntary production adjustments made in November 2023 until the end of December. A statement issued by the OPEC+ Secretariat said that Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman agreed to extend the voluntary production adjustments of 2.2 million barrels per day for one month. The eight countries renewed their collective commitment to achieve full conformity with the Declaration of Cooperation among the Alliance countries, including additional voluntary production adjustments agreed to be monitored by the Joint Ministerial Monitoring Committee during its 53rd meeting held on April 3, 2024, and full compensation by September 2025 for the excess quantities of production since January 2024 according to compensation plans submitted to the OPEC Secretariat. The eight countries also referred to the recent announcement issued by Iraq and the joint statement issued by Russia and Kazakhstan, in which they strongly confirmed their commitment to the agreement, including additional voluntary adjustments to production and their compensation schedules for excess production since January 2024. OPEC+ countries had planned to begin phasing out the voluntary production cuts from last October, extending them until the end of this year.