Saudi Gazette report

RIYADH — Saudi Arabia and seven other OPEC+ countries decided to extend additional voluntary cuts of 2.2 million barrels per day (bpd) for one more month until the end of December 2024.

The OPEC Secretariat said in a statement that the eight OPEC+ countries, such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, have agreed to extend the voluntary adjustments announced in November 2023 of 2.2 million bpd for one month. All these countries previously announced additional voluntary production adjustments in April and November 2023.

The eight countries reiterated their collective commitment to achieving full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments agreed to be monitored by the Joint Ministerial Monitoring Committee at its 53rd meeting held on 3 April 2024. They also reaffirmed to fully compensate for the excess production from January 2024 by September 2025, in accordance with the compensation plans submitted to the OPEC Secretariat.

The countries also noted the recent announcement by Iraq and the joint statement by Russia and Kazakhstan, in which they reaffirmed their commitment to the agreement, including the additional voluntary production adjustments and compensation schedules for the excess production since January 2024.

In August 2024, Saudi Arabia, Russia, the UAE, Kuwait, Algeria, and Oman, conducted two ministerial discussions with Iraq and Kazakhstan. Both countries were urged to achieve full conformity and compensate for the overproduced volumes from January 2024. Iraq and Kazakhstan committed to engage with secondary sources to outline their plans for production adjustments to achieve compliance and meet the compensation schedules they submitted to the OPEC Secretariat on August 22