BAKU, Azerbaijan, November 3. The OPEC Secretariat announced that eight OPEC+ nations - Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman - have agreed to extend their voluntary production cut of 2.2 million barrels per day through December 2024, Trend reports.
The eight countries also reaffirmed their collective commitment to the Declaration of Cooperation, including any additional voluntary production adjustments.
“The countries acknowledged Iraq’s recent announcement and the joint statement from Russia and Kazakhstan, in which they strongly reiterated their commitment to the agreement, including the voluntary production adjustments and the compensation schedules for overproduction since January 2024,” the statement reads.