The OPEC+ supply reduction agreement was extended until the end of the year
[box type=”shadow” align=”” class=”” width=””]While the process of resuming OPEC+ oil supply was supposed to start a few days ago, the agreement to voluntarily reduce supply was extended until the end of the year.[/box]
reported by Mehr Reporter quoted by Tass, while the agreement to reduce the voluntary oil supply of the OPEC+ group was supposed to expire in October and the member countries would gradually increase the oil supply, but this agreement will be renewed until the end of the year. It was extended to 2024.
According to the statement of OPEC Plus, the agreement to reduce the voluntary supply of 2.2 million barrels of oil per day by the member countries of this group, which includes OPEC members and other major oil producing countries, including Russia , has been extended until the end of December.
The OPEC Plus statement also mentions the position of Iraq and the joint statement of Russia and Kazakhstan regarding their commitment to implement this agreement and determination to compensate for more production.
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