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2024-11-04 Economy
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OPEC+ countries extend oil production cuts until end of December
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Direct Translation via Google Translate. Edited.
[Regnum] Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, members of OPEC+, have decided to extend the voluntary reduction in oil production by 2.2 million barrels per day until the end of December. A statement about this was published on November 3 on the OPEC website.
It is noted that all eight countries have confirmed their agreement to fully compensate for the overproduction volumes allowed since the beginning of 2024 by September 2025.
“The countries also noted the recent statement by Iraq and the joint statement by Russia and Kazakhstan, in which they strongly reaffirmed their commitment to the agreement, including additional voluntary production adjustments and their schedules for compensation for excess production volumes from January 2024,” the statement said.
As reported by the Regnum news agency, Russian President Vladimir Putin said in May that Russia's cooperation with countries within OPEC+ helps keep oil prices stable. This helps ensure revenues for the state budget, he added.
Russian Deputy Prime Minister Alexander Novak noted in September that Russia had exceeded the OPEC+ deal targets by 67 thousand barrels per day, but by the end of August had met its obligations to reduce oil production.
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Posted by badanov 2024-11-04 00:00||
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