Eight OPEC+ countries agree to cut production until December

Published at: 03/11/2024 06:31 PM

Eight States of the Organization of Petroleum Exporting Countries Plus (OPEC+) will continue to voluntarily cut production by 2.2 million barrels per day until the end of December.

In a statement published by the organization on its website and replicated by the Venezuelan News Agency (AVN), the organization specified that the decision was taken by Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.

According to OPEC+, these eight nations ratified their collective commitment to fully implement the agreement, including voluntary cuts, and to fully compensate for the volumes of oil produced in excess from January 2024 to September 2025, in accordance with the schedule submitted to the organization's Secretariat.

The price of OPEC crude oil closed the week at $71.27. The rest of the applied cut, 3.66 mbd, would remain in effect at least until the end of 2025.

An OPEC+ ministerial conference is scheduled for December 1, at which the situation will be evaluated.

Mazo News Team