OPEC and 8 other countries have agreed to extend voluntary production cuts until the end of November 2024, a two-month extension.

On September 5th, OPEC announced that the 8 countries in OPEC Plus (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, Oman) were planning to implement a total daily production cut of 2.2 million barrels until the end of September.Additional voluntary production cuts.Regarding, A two-month extension until the end of November.It was announced that they have agreed to implement it.

The voluntary production cuts by the 8 countries, which have now been extended, will be implemented until the end of September 2024 and gradually phased out from October 2024 to September 2025, as agreed in June.

According to OPEC's press release, the voluntary production cuts by these 8 countries will be gradually phased out on a monthly basis starting from December 2024.Implementation with the flexibility to temporarily pause or withdraw production adjustments as needed.Is being done.

Crude oil prices have been declining since mid-July 2024, with WTI at $71.28 per barrel and Brent at $76.46 as of September 3.

The next OPEC Plus, 56th Joint Ministerial Monitoring Committee (JMMC) is scheduled for October 2, and the 38th Ministerial Meeting is set for December 1.

(Note) OPEC member countries include Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Libya, United Arab Emirates (UAE), Algeria, Nigeria, Gabon, Equatorial Guinea, Republic of Congo - 12 countries, and non-member oil-producing countries including Azerbaijan, Bahrain, Brazil, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, South Sudan - 11 countries in total.