OPEC+ extends voluntary output cuts for 2 additional months

Logo of OPEC

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

The participating countries agreed to extend their additional voluntary production cuts of 2.2 million barrels per day (bpd) for two months until the end of November 2024. The cuts will then be gradually phased out on a monthly basis starting Dec. 1, 2024 until November 2025.

In a statement, OPEC underscored the flexibility to pause or reverse the adjustments as necessary.

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 Aug. 22.

The meeting included Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. The output for such 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.