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OPEC+ countries extend voluntary oil production cuts until December

OPEC+ countries keep the opportunity at the same time to suspend the increase or adjust parameters as required

MOSCOW, September 5. /TASS/. Eight OPEC+ countries, including Russia and Saudi Arabia, made the decision to postpone oil production recovery and extend voluntarily production cuts by 2.2 mln barrels daily until December, according to the statement posted on the OPEC website.

OPEC+ countries also updated the schedule for production recovery. Certain countries will now be able to gradually increase production to required quotas from December 1, 2024 until November 2025.

OPEC+ countries keep the opportunity at the same time to suspend the increase or adjust parameters as required. Iraq, Kazakhstan, and Russia also have their commitments maintained to compensate overproduced volumes by September 2025.

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