The OPEC+ countries, which had announced additional voluntary cuts in April 2023 and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a meeting in person in Riyadh on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM). The meeting aimed to reinforce the precautionary efforts of OPEC+ countries, supporting the stability and balance of oil markets. In addition to the latest decisions from the 37th ONOMM, the countries decided to extend the additional voluntary cuts of 1.65 million barrels per day, announced in April 2023, until the end of December 2025. Moreover, these countries agreed to extend their additional voluntary cuts of 2.2 million barrels per day, announced in November 2023, until the end of September 2024. The 2.2 million barrels per day cut will then be gradually phased out on a monthly basis until the end of September 2025 to support market stability. This monthly increase can be paused or reversed subject to market conditions. In the spirit of transparency and collaboration, the meeting welcomed the pledges made by Iraq, Russia, and Kazakhstan to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes since January 2024, before the end of June 2024, as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC). The required production level for the United Arab Emirates has been increased by 300,000 barrels per day. This increase will be phased in gradually from January 2025 until the end of September 2025, as agreed at the 37th ONOMM. Additionally, the required production levels for member countries will be assessed according to secondary sources, with Russia working closely with these sources to update production figures.
