The expanded membership of the Organisation of the Petroleum Exporting Countries (OPEC+) decided to extend the voluntary oil production cut agreement until the end of December, according to a statement on the organisation’s website.
Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Russia, Oman, and Algeria joined this decision.
These countries will produce 2.2 mln barrels of oil per day less than before. The agreement on voluntary adjustments has been in place within OPEC+ since November 2023.
OPEC is an intergovernmental organisation that oil-exporting countries established to manage production quotas for crude oil. The organisation has 12 members. Additionally, OPEC+ includes another 11 countries in its unofficial cooperation format.
Kursiv Uzbekistan also reports that the escalating situation in the Middle East significantly impacts the oil market.
