OPEC+ extends deadline for oil cuts
OPEC+ member countries have postponed for two months the increase in oil supply starting in October of this year
At a meeting on September 5, the member countries of the OPEC+ alliance agreed to postpone for two months the increase in oil supply scheduled for October.
According to a statement, the decision was made at a meeting of the sector ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
“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,” according to the statement.
The voluntary reduction in crude oil extraction was agreed several years ago with the aim of “stabilizing international prices of the so-called black gold, whose quotations are registering increasing levels of volatility due to geopolitical tensions and conflicts.”
The OPEC+ statement indicates that member countries “previously announced additional voluntary cuts in April and November 2023 (…), emphasizing their collective determination to ensure full compliance with voluntary production adjustments.”
By collective will, the organization establishes quotas for its members as part of an agreement, “which currently exempts Iran, Libya and Venezuela. In addition, several partners apply additional voluntary cuts.”
M.Pino
Source: Prensa Latina
(Reference image source: Documerica in Unsplash)
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