OPEC+ Extends Oil Production Cuts Through December 2024

Eight OPEC+ countries, including Saudi Arabia and Russia, have agreed to extend their voluntary oil production cuts of 2.2 million barrels per day until the end of December 2024. This decision follows previous adjustments announced in April and November 2023, and the countries have committed to achieving full compliance with the Declaration of Cooperation. They also plan to compensate for any overproduction since January 2024 by September 2025, as per their submitted compensation plans.