In a move aimed at stabilizing oil prices, eight key members of the OPEC+ alliance announced on Sunday that they would extend their existing supply cuts through December 2024.
According to an official statement by the organisation, these nations will maintain their current voluntary production reduction of 2.2 million barrels per day, initially planned only for November, through to the year’s end. The participating countries include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
This extension comes amid continued caution within the group, as they seek to counterbalance the effects of weaker demand in major markets like China and the United States, which has led to recent pressure on global oil prices.
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