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OPEC+ countries extend oil production cuts until end of December
Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have agreed to extend oil production cuts to 2.2 million barrels per day until the end of December 2024. According to the OPEC website, these countries also announced their intention to offset excess production between January 2024 and September 2025 as part of the plan.
The statement noted that the countries reaffirmed their joint commitment to achieving compliance with the organization's Declaration of Cooperation, including voluntary coordination of production. It also noted a statement by Iraq and a joint statement by Russia and Kazakhstan, which confirmed their readiness to follow the parameters of the deal and the compensation plan.
For Russia, the official oil production quota for 2024 within OPEC+ is set at 9.95 million barrels per day. According to the plan, Russia was supposed to reduce oil production every month from April to the end of November. On October 2, it was reported that Russia had fully complied with the September agreement within OPEC+.
On the situation on the oil products market - Kommersant article "Asia has reduced oil imports".