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OPEC+: Gradual Production Increase Deferred to December 1



Published: Thursday, September 5, 2024

The oil ministers of eight OPEC+ member countries have decided to postpone the gradual increase in oil production by two months, until December 1, 2024, according to a statement from the Ministry of Energy and Mines on Thursday.

The decision was made during a virtual conference in which the Minister of Energy and Mines, Mohamed Arkab, participated, the document notes.

The meeting brought together the oil ministers of eight OPEC+ countries (Algeria, Saudi Arabia, United Arab Emirates, Iraq, Kuwait, Kazakhstan, Oman, and Russia), which are implementing voluntary production cuts, according to the ministry.

During the meeting, the ministers discussed recent developments in the international oil market, as well as the compliance of OPEC+ countries with their production cut commitments.

The participants noted that excess production by some countries in previous months would be gradually compensated starting in September.

As a result, the ministers decided to defer the gradual production increase for the eight countries involved by two months, postponing it to December 1, 2024, the ministry announced.

This decision reflects the commitment of the eight OPEC+ countries to maintaining global oil market stability and supporting balanced and sustainable market conditions, the same source affirmed.




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