OPEC+ Agrees To Extend Additional Voluntary Cuts
Date
12/5/2024 9:09:34 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 5. OPEC+ countries
have agreed to extend their additional voluntary adjustments until
the end of March 2025, Trend reports.
According to OPEC, the decision was made following a virtual
meeting of Saudi Arabia, Russia, Iraq, United Arab Emirates,
Kuwait, Kazakhstan, Algeria, and Oman on the sideline of the 38th
OPEC and non-OPEC Ministerial Meeting (ONOMM).
The meeting was conducted to reinforce the precautionary efforts
of OPEC+ countries, aiming to support the stability and balance of
oil markets. The aforementioned countries decided, in addition to
the latest decisions from the 38th ONOMM, to extend the additional
voluntary adjustments of 1.65 million barrels per day that were
announced in April 2023, until the end of December 2026.
Moreover, these countries will extend their additional voluntary
adjustments of 2.2 million barrels per day, that were announced in
November 2023, until the end of March 2025 and then the 2.2 million
barrels per day adjustments will be gradually phased out on a
monthly basis until the end of September 2026 to support market
stability as per the attached table. This monthly increase can be
paused or reversed subject to market conditions.
"In the spirit of transparency and collaboration, the meeting
welcomed the pledges made by the overproducing countries to achieve
full conformity and resubmit their updated compensation schedule to
the OPEC Secretariat for the overproduced volumes since Jan 2024
before the end of December 2024 as agreed in the 52nd Meeting of
the Joint Ministerial Monitoring Committee (JMMC). The compensation
period will be extended until the end of June 2026," OPEC said.
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