OPEC+ agreed to extend oil output cuts by 188,000 barrels per day until next year

OPEC+ agreed to extend oil output cuts by 188,000 barrels per day until next year. Ukrinform reports that it was decided to extend the voluntary cuts until 2026, with the exception of some voluntary cuts until 2023. The extension is planned for 6 months.

  • Sem countries of OPEC+ agreed to extend oil output cuts by 188,000 barrels per day until next year.
  • OPEC said it is still awaiting approval of the countries’ decision on the extension of the cuts until 2026.
  • OPEC+ countries will extend the current voluntary oil output cuts for 6 months.

According to Ukrinform and Asharq Al-Awsat,

OPEC+ countries agreed to extend oil output cuts by 188,000 barrels per day until next year. Ukrinform reports this, citing the OPEC website.

According to the OPEC website, the cuts will be extended until 2026, with the exception of some voluntary cuts, which were extended until 2023. Under OPEC’s decision, the countries will continue to implement the process of reducing oil output.

OPEC also said that the countries of OPEC+ had extended the voluntary oil output cuts, in line with the decision of the Joint Ministerial Monitoring Committee (JMMC). It is expected that the countries will extend the voluntary oil output cuts from 2024.

The countries of OPEC+ agreed to extend the current voluntary cuts for 6 months.

Tags: Middle East, Economy, Energy

Sources:
https://www.ukrinform.net/rubric-economy/4150346-opec-countries-agree-to-increase-oil-production-in-september.html
https://english.aawsat.com/business/5302677-opec-agrees-september-oil-hike