Astana: OPEC+ members, led by major oil producers Saudi Arabia and Russia, have agreed to extend voluntary oil output cuts through the end of 2024. This decision, announced on November 3, is aimed at supporting oil prices amid slowing global demand.
According to Radio Free Europe, the group has agreed to maintain voluntary production adjustments amounting to 2.2 million barrels per day. The countries involved in this agreement include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. These nations had previously announced additional voluntary production cuts in April and November 2023. By extending these cuts, OPEC+ aims to manage the supply of crude oil in global markets, thereby stabilizing or potentially increasing oil prices.