Business & Economy

OPEC Plus announces the extension of the voluntary production cut and return plan

The Saudi Ministry of Energy announced that eight members of the “OPEC Plus” alliance agreed to extend the voluntary reduction in oil production to support market prices until September 2024.

According to the statement, Saudi Arabia, Russia, Iraq, the Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed on a voluntary extension plan to reduce production amounting to 2.2 million barrels per day, after which production quantities will be gradually restored to their normal state and gradually on a monthly basis until End of September 2025.

The countries of the Organization of Petroleum Exporting Countries (OPEC) allied within the “OPEC Plus” formula adopted a policy of reducing production to prevent the deterioration of global oil prices.

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