Riyadh: Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in person in Riyadh on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) OPEC plus countries which announced additional voluntary cuts in April 2023 and November 2023 including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held a meeting in person in Riyadh on the sideline of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).
The meeting was conducted to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. The aforementioned countries decided, in addition to the latest decisions from the 37th ONOMM, to extend the additional voluntary cuts of 1.65 million barrels per day that were announced in April 2023, until the end of December 2025.
Moreover, these countries will extend their additional voluntary cuts of 2.2 million barrels per day, that were announced in November 2023, un
til the end of September 2024 and then the 2.2 million barrels per day cut will be gradually phased out on a monthly basis until the end of September 2025 to support market stability as per the attached table. This monthly increase can be paused or reversed subject to market conditions.
In the spirit of transparency and collaboration, the meeting welcomed the pledges made by the Republic of Iraq, the Russian Federation and the Republic of Kazakhstan to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes since Jan 2024 before the end of June 2024 as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC).
According to the table attached (available on: https://www.moenergy.gov.sa/ar/DigitalDocuments/Documents/Report-2.jpg) to this statement, an explanation of the production levels, with the return of the voluntary reduction quantities for November 2023 only, which will be applied from October 2024 until September
2025.
Source: Saudi Press Agency