OPEC Production
OPEC, allies extend 2.2 mln bpd voluntary production cut until December-end
This story was originally published at 13:40 IST on 4 November 2024
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MUMBAI – Eight member nations of the Organization of the Petroleum Exporting Countries and its allies have further extended their voluntary production cuts of crude oil till the end of December, according to an official statement by the cartel.
The eight members of OPEC and its allies – Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman – had previously extended the voluntary production cuts, amounting to 2.2 million barrels per day, till the end of November. The countries reiterated their collective commitment to achieve full conformity with the declaration of cooperation, including the production cuts that were agreed to be monitored by the joint ministerial monitoring committee in its April meeting and to fully compensate for the overproduced volumes since January, it said.
The countries also noted the recent announcement by Iraq and the joint statement by Russia and Kazakhstan in which they reaffirmed their commitment to the agreement. OPEC and its allies had earlier announced additional voluntary cuts in April and November 2023. At 1223 IST, the price of West Texas Intermediate crude oil was $70.87 per barrel, up 2%, and that of Brent oil on the Intercontinental Exchange was up 1.8% at $74.44 per barrel. End
US$1 = INR 84.10
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Avishek Dutta
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