Saudi Arabia,Russia,Iraq,United Arab Emirates,Kuwait,Kazakhstan,Algeria and Oman are extending voluntary oil production cuts by 2.2 million bpd for one month until the end of December 2024,the OPEC Secretariat said in a statement on Sunday.

These eight OPEC+countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation,including the additional voluntary production adjustments.

The OPEC+countries welcomed the recent announcement made by Iraq and the joint statement made by Russia and Kazakhstan,in which they"strongly reaffirmed their commitment"to the agreement including the additional voluntary production adjustments and to their compensation schedules for the overproduced volumes.

The eight OPEC+member states have been reducing production voluntarily since last year.This reduction is taking place in two"tranches."

They were supposed to begin to gradually phase out one of the cuts,by 2.2 million bpd,on October 1 in increments of 180,000-200,000 bpd per month,but in early September they decided to put off the increase in output by two months.The parties to the agreement are also closely following how the countries that allowed overproduction in the first seven to ten months of 2024,namely,Iraq,Kazakhstan and Russia,will compensate for this breach with additional cuts in the future.

（Picture: Veer）