Saudi Arabia, Russia, Others Extend 2.2mbd Crude Voluntary Adjustments

The Organisation of the Petroleum Exporting Countries (OPEC) has said that Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have extended their 2.2 mbd voluntary adjustments for one month until end of December 2024.

Recall that the countries had previously announced additional voluntary adjustments in April and November 2023, and have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024.

A statement seen by New Telegraph further said that in addition, the eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024.