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.
UAE looks to deepen Panama ties as trade jumps nearly 50%
Al Tayer calls for global action on critical minerals to power clean energy transition
UAE, US strengthen economic and financial partnership during Washington talks
RTA signs AI partnerships with Chinese firms to boost future transport projects
UAE joins global AI initiative at Washington summit
