The OPEC + production cut agreement has been extended for two months and will be phased out starting in December

On September 6, the OPEC + countries that previously announced additional voluntary production cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, held a virtual meeting on September 5, 2024, at which the eight member countries underlined their collective determination to ensure full compliance with the voluntary production adjustments. < b > Eight member countries have agreed to extend their additional voluntary production cuts 2.20 million barrels per day for two months until the end of November 2024, after which these cuts will be phased out from December 1, 2024 in accordance with the schedule, with the flexibility to suspend or reverse the adjustments as needed. Overproduction countries also reaffirmed their commitment to full compensation for all overproduction by September 2025. < br > < img src = "https://flash-scdn.jin10.com/c8aff015-b171-4d08-9ed5-c7d688b3c54d.png" referrerpolicy = "no-referrer" >