Saudi Gazette report

RIYADH — Saudi Arabia and seven other OPEC+ countries have decided on Thursday to extend their oil production cuts for three months until the end of March 2025.

Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April 2023 and November 2023, held a virtual meeting on Thursday on the sideline of the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM).

These countries will extend their additional voluntary adjustments of 2.2 million barrels per day, that were announced in November 2023, until the end of March 2025 and then the 2.2 million barrels per day adjustments will be gradually phased out on a monthly basis until the end of September 2026 to support market stability. This monthly increase can be paused or reversed subject to market conditions," OPEC+ said in a statement carried by Saudi Press Agency.

The virtual meeting was held to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. These countries decided, in addition to the latest decisions from the 38th ONOMM, to extend the additional voluntary adjustments of 1.65 million barrels per day that were announced in April 2023, until the end of December 2026.

"In the spirit of transparency and collaboration, the meeting welcomed the pledges made by the overproducing countries to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes since Jan 2024 before the end of December 2024 as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee. The compensation period will be extended until the end of June 2026," the statement said.