OPEC+ discusses delay in start of gradual restoration of part of cut oil production volumes

OPEC + countries are discussing a delay in the planned increase in oil production from October 2024, News.Az reports citing Neftegaz.RU News Agency .

Discussions on OPEC + actions are ongoing and any options are possible.

Recall that on June 2, 2024, at the 37th OPEC + Ministerial Meeting, a decision was made to extend the agreement for 2025 with the same quotas as in 2024, with the exception of the UAE, which will be able to increase production by 300 thousand barrels per day in stages from January to the end of September 2025.

A number of OPEC + countries implementing voluntary additional cuts have decided: extend the voluntary production cut of 1.65 million barrels per day adopted in April 2023 until the end of December 2025, start in October 2024, gradually and evenly lifting the voluntary production cut of 2.2 million barrels per day adopted in November 2023 throughout the year , returning about 180 thousand barrels per day of oil to the market.

Following the OPEC + Ministerial Monitoring Committee meeting on August 1, 2024, the volunteer countries (Russia, Saudi Arabia, Algeria, Iraq, Kuwait, UAE, Kazakhstan and Oman) confirmed that they could suspend or cancel the gradual recovery from October 2024, depending on market conditions.

News.Az