The Organization of the Petroleum Exporting Countries (OPEC) said in a statement on the 2nd that eight OPEC and non-OPEC oil-producing countries decided to continue to voluntarily reduce production in the third quarter of this year, with a total reduction of 3.85 million barrels per day, in order to maintain the stability and balance of the international oil market.

　　On the same day, “OPEC+”, which consists of OPEC member countries and non-OPEC oil-producing countries, held its 37th ministerial meeting by video. On the sidelines of the ministerial meeting, representatives of the eight “OPEC+” member countries - Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman - met in the Saudi capital, Riyadh, to discuss production policy.

　　According to the statement, the 8 countries decided to extend the voluntary production cut of 2.2 million barrels per day announced in November 2023 to the end of September this year, after which it will be gradually withdrawn depending on market conditions. In addition, the 8 countries will extend until the end of 2025 the voluntary production cuts of 1.65 million barrels per day announced in April last year.

　　“OPEC +” decided on the same day to adjust the total crude oil production target for 2025 to an average of 39.725 million barrels per day, and announced the crude oil production target of each member next year. In addition to the UAE's production target for next year was raised by 300,000 barrels per day to an average of 3.519 million barrels per day, the other “OPEC +” members of the 2025 production target is basically the same as this year.