OPEC+ extends voluntary output cuts for 2 months

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OPEC+, which previously announced additional voluntary cuts, confirmed full compliance with the voluntary production adjustments during a virtual meeting today, Sept. 5.

The eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024, after which these cuts will be gradually phased out on a monthly basis starting December 1st, 2024, according to the attached schedule, with the flexibility to pause or reverse the adjustments as necessary, according to a statement on OPEC website.

Iraq and Kazakhstan committed to engage with secondary sources to outline their plans for production adjustments to achieve compliance and meet the compensation schedules they submitted to the OPEC Secretariat on August 22nd.

The meeting included Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. The output for these countries over the coming two months will be 8.9 million, 8.9 million, 4 million, 2.9 million, 2.4 million, 1.4 million, 0.9 million and 0.75 million bpd, respectively.