8 OPEC Plus Countries Decide to Extend Voluntary Crude Oil Production Cuts

Eight OPEC Plus countries decided Thursday to extend the voluntary crude oil production cuts announced in April and Nov. 2023 for two months until the end of next Nov. The Organization of the Petroleum Exporting Countries (OPEC) said in a statement that this came after a virtual meeting held by Saudi Arabia, Kuwait, the UAE, the Sultanate of Oman, Iraq, Algeria, Russia and Kazakhstan. The G8 member said, at the meeting, confirming their collective determination to fully comply with the voluntary production adjustments. Iraq and Kazakhstan, whose production has exceeded the agreed level since January 2024, confirmed their full commitment to the agreement and to the plans to compensate for the excess production, which they submitted to the OPEC General Secretariat, as agreed at the 53rd meeting of the Joint Ministerial Monitoring Committee held on 3 April 2024. The G8 countries agreed to extend the additional voluntary production cuts of 2.2 million barrels per day for two months until the end of next Novem ber, where the reductions will be gradually restored, on a monthly basis, starting from 1 Dec. 2024, with the possibility of stopping or reversing these adjustments as necessary. The countries, whose production exceeded the agreed level, also confirmed their commitment to compensate for all excess production quantities by Sept. 2025. Source: Qatar News Agency