Eight OPEC+ members have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November.
During a virtual meeting on Thursday, the UAE, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman emphasised their collective resolve to ensure full compliance with the production adjustments.
Their statement said after the end of November, this cut will be gradually phased out on a monthly basis starting December 1, 2024, "with the flexibility to pause or reverse the adjustments as necessary."
They also added that the entire overproduced volume will be fully compensated for by September 2025.
Nakheel unveils new sustainable community beside Palm Jebel Ali
Dubai showcases latest innovations in electric, smart mobility
US sues Lyft, alleges discrimination against disabled riders
ADNOC Distribution reports $791 million net profit in first 9 months
Tesla to pull the plug on Cybertruck after years of poor sales
