OPEC+ countries extend voluntary oil production cuts until December – Economy & Finance

MOSCOW, September 5. /TASS/. Eight OPEC+ countries, including Russia and Saudi Arabia, have decided to postpone the recovery of oil production and voluntarily extend their production cuts by 2.2 million barrels a day until December, a statement on the OPEC website said.

OPEC+ countries have also updated the timetable for resuming their production. Certain countries can now gradually increase their production to the required quotas from December 1, 2024 to November 2025.

At the same time, the OPEC+ countries reserve the right to suspend the increase or adjust the parameters as needed. Iraq, Kazakhstan and Russia are also sticking to their commitments to compensate for the overproduced quantities by September 2025.