The OPEC Secretariat announced Sunday: that the eight OPEC+ countries have agreed to extend the November 2023 voluntary production adjustments of 2.2 mb/d for one month until the end of December 2024.

According to Kuwait News Agency, the OPEC+ group includes Saudi Arabia, Kuwait, Iraq, the UAE, Oman, Algeria, Kazakhstan, and Russia. They had previously announced additional voluntary adjustments in April and November 2023.

The eight countries reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments. These adjustments are to be monitored by the JMMC during its 53rd meeting held on April 3, 2024, and the countries have agreed to fully compensate by September 2025 for the overproduced volumes since January 2024 in accordance with the compensation plans submitted to the OPEC Secretariat.

The countries also noted the recent announcement made by Iraq and the joint statement by Russia and Kazakhstan, in which
they strongly reaffirmed their commitment to the agreement, including the additional voluntary production adjustments, and to their compensation schedules for the overproduced volumes since January 2024.