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OPEC+ countries agree not to increase oil production until the end of the year
OPEC+ countries have agreed not to increase oil production until the end of the year.
OPEC+ countries have extended their decision to reduce oil production and will not increase production until the end of the year. This was reported on the OPEC website.
OPEC+ is made up of eight countries: Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. The two countries agreed last November to voluntarily cut oil production by 2.2 million barrels a day.
Eight countries agreed to extend voluntary production adjustments by one month until the end of December 2024.
Crude oil production was initially expected to increase from October, but falling stock prices forced producers to reconsider their decisions within a short period of time, delaying the output increase for the third time.