Eight OPEC+ countries, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, have agreed to extend their oil output cuts by one month, until the end of December 2024. In June 2024, OPEC+ said its 2.2 mb/d in voluntary cuts would be extended until September 2024, but would then be gradually reduced month by month until they are eliminated by September 2025; the group later extended the cuts until November.
OPEC+ members have made a series of deep output cuts since late 2022. OPEC+ members are currently cutting output by a total of 5.86 mb/d, or about 5.7% of global demand. The voluntary cuts are reported as follows: Saudi Arabia by 1,000 kb/d, Iraq by 220 kb/d, the UAE by 163 kb/d, Kuwait by 135 kb/d, Kazakhstan by 82 kb/d, Algeria by 51 kb/d, and Oman by 42 kb/d. Russia also announced plans to reduce its production by an extra 471 kb/d in June 2024.
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