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OPEC+ Extends Oil Production Cuts by One Month
OPEC+ has decided to extend the voluntary production cuts since November 2023 by 2.2 million barrels per day until the end of December 2024.
OPEC+ oil alliance extends production restrictions by a month, maintaining 2.2 million barrels per day cuts since November 2023 until December's end. / Picture: © Wikimedia Commons / DALIBRI / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)
The OPEC Secretariat in Vienna announced this. The countries involved in this measure are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The eight countries had already introduced the cuts in April and November 2023 as part of additional voluntary adjustments to stabilize the global oil market and are now reaffirming their commitment to…
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