2024-10-01 11:09:29
Countries participating in the OPEC+ agreement will continue to voluntarily reduce oil production by 2.2 million barrels per day (b/d) for another two months – from October to December. Initially, the alliance countries agreed on a gradual restoration of production from October.
As Day.Az reports with reference to TASS, from the first quarter of 2024, eight OPEC+ countries, including Russia and Saudi Arabia, voluntarily reduce production by 2.2 million bpd. From October, these countries were supposed to begin gradually returning these production volumes to the oil market until December 2025. At the same time, OPEC+ allowed a revision of the decision to restore production depending on market conditions.
According to the schedule posted on the OPEC website, in October the total volume of production increase should have been 180 thousand bpd.
However, in early September, the alliance decided to postpone the restoration of oil production for two months – until December. Thus, OPEC+ countries continue to reduce production by 2.2 million bpd. Deputy Prime Minister of the Russian Federation Alexander Novak explained that the decision to postpone the increase in production was made after analyzing the state of the market. According to him, the current situation did not allow this to be done.