Eight member states of the OPEC+ coalition have announced an extension of their voluntary oil production adjustments:ight member states of the OPEC+ coalition have announced an extension of their voluntary oil production adjustments, totaling 2.2 million barrels per day, for one additional month, continuing through December 2024.

According to Qatar News Agency, the nations involved in the extension are Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. These countries initially introduced voluntary production adjustments in April and November of 2023.

The eight countries reaffirmed their commitment to fully adhere to the joint Declaration of Cooperation, including the additional voluntary cuts, with compliance overseen by the Joint Ministerial Monitoring Committee during its 53rd meeting in April. Moreover, the eight nations pledged to offset any excess production from January 2024 by September 2025, as outlined in their plans submitted to the OPEC Secretariat.

The statement highl
ighted Iraq’s recent announcement and the joint declaration from Russia and Kazakhstan, underscoring their dedication to the agreement, voluntary production adjustments, and schedules to compensate for any overproduction since January.

OPEC+ had initially planned a production increase of 180,000 barrels per day in December 2024 but postponed the increment from October due to declining prices.