reply Major oil producers announce extension of voluntary production cuts until end of November

Xinhua News Agency, Vienna, September 5 (Reporter Liu Xinyu) Organization of the Petroleum Exporting Countries (OPEC) released a statement on the 5th, said eight OPEC and non-OPEC oil-producing countries decided to the original expiration of the end of this month, an average of 2.2 million barrels per day of voluntary production cuts extended to the end of November, from the beginning of December began to pull back on this part of the production cuts on a month-to-month basis, but will be flexible depending on the market situation to grasp the tempo of the retraction of production cuts.　　The statement said that Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman 8 “OPEC +” member countries held an online meeting on the same day, made the above decision.　　The statement also said that the eight countries at the meeting emphasized the determination to fully comply with the voluntary production reduction targets, since the beginning of this year, production exceeded the quota of Iraq and Kazakhstan two countries also reconfirmed that they will fulfill the obligation to compensate for the production cuts.　　The aforementioned 8 countries initially announced in November 2023 a voluntary production cut of 2.2 million barrels per day. At the beginning of June this year, the eight countries announced the extension of this part of the voluntary production cuts until the end of September, after which this part of the cuts will be gradually withdrawn depending on market conditions.