The OPEC+ countries decided to extend the reduction in oil production until the end of December. This is reported on the organization’s website.
It is clarified that the countries agreed to extend the adjustments by 2.2 million barrels per day.
“Eight OPEC+ countries… agreed to extend voluntary production adjustments… until the end of December 2024,” – says the publication.
Previously, on October 2, OPEC+ held a follow-up ministerial committee. After the meeting, the association’s member countries confirmed their commitment to the current parameters of the agreement to reduce oil production. This decision will help stabilize the market and set prices above $75 per barrel.
The Russian Energy Ministry reported on May 22 that oil production in April was slightly higher than the plan established within the framework of OPEC+ and that in the future the country is ready to compensate for this deficit. The ministry reported that in the first quarter of 2024, Russia systematically exceeded the terms of the agreement in the organization, producing oil in quantities lower than the established quotas, Izvestia recalls.
