OPEC+ countries extend voluntary reduction of oil production until December

OPEC+ countries, including Russia and Saudi Arabia, decided to delay the recovery of oil production and extend voluntary production cuts of 2.2 million barrels per day until December.

Azernews reports that this was stated in the information posted on the website of the organization.

According to information, the OPEC+ countries have also updated the timetable for resuming production. So, from December 1, 2024, a number of countries will be able to gradually increase production up to the required quotas by November 2025, instead of September 2025, as previously agreed by the members of the alliance.

At the same time, OPEC+ countries retain the ability to suspend growth or adjust parameters if necessary.