The Organization of the Petroleum Exporting Countries (OPEC) has reported that Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have agreed to extend their voluntary oil production adjustments of 2.2 million barrels per day until the end of December 2024.
The eight countries have confirmed their commitment to the Declaration of Cooperation, which includes additional voluntary production adjustments. The countries have also agreed to offset all overproduction reported since January 2024 by no later than September 2025, following the compensation plans filed with the OPEC Secretariat.
Eight OPEC+ countries have been voluntarily reducing their oil production...