OPEC+ Members Extend Voluntary Oil Production Cut Until September

ASTANA — The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC partners, a group of oil exporters called OPEC+, decided to extend their additional voluntary cuts of 2.2 million barrels per day, announced in November 2023 until the end of September this year, reported the OPEC press service on June 2.

Photo credit: gov.kz

OPEC + countries, which announced additional voluntary cuts in April and November last year, including Algeria, Oman, Iraq, Kazakhstan, Kuwait, Russia, Saudi Arabia and United Arab Emirates (UAE), held a meeting in person in Riyadh on the sideline of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).

The 2.2 million barrels per day cut will gradually be phased out monthly until the end of September 2025 to support market stability, as per the attached table. This monthly increase can be paused or reversed subject to market conditions.

The meeting was conducted to reinforce the preventive efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. In addition to the latest decisions from the 37th ONOMM, the countries mentioned above decided to extend the additional voluntary cuts of 1.65 million barrels per day announced in April 2023 until the end of December 2025.

The meeting welcomed Iraq, Russia and Kazakhstan’s pledges to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes before the end of June.

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