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Voluntary Adjustments

All articles tagged with #voluntary adjustments

energy1 year ago•1 min saved

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.

via OPEC|

#energy #oil-production #opec

energy2 years ago•1 min saved

Arab States Stand Firm on Voluntary Oil Production Adjustments

Saudi Arabia, along with other Arab states including Bahrain, Iraq, Kuwait, Oman, and the United Arab Emirates, have reaffirmed their commitment to voluntary oil production adjustments. The oil ministers of these countries met on Sunday and expressed their willingness to take additional measures to support market stability. OPEC+ had previously agreed to extend voluntary oil cuts until the end of 2024, with Saudi Arabia and Russia implementing additional cuts until the end of 2023. The group made no changes to its oil output policy during a recent meeting.

via Reuters|

#energy #market-stability #oil-production