UAE, other OPEC+ members extend voluntary production cuts

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.