Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman Extend Voluntary Cuts

Excerpt:  “In recognition of this strengthened resolve and renewed firm commitment, the eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024, after which these cuts will be gradually phased out on a monthly basis starting December 1st, 2024, according to the attached schedule, with the flexibility to pause or reverse the adjustments as necessary. The overproducing countries also reconfirmed their commitment that the entire overproduced volume will be fully compensated for by September 2025.”