Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Turki Al-Sheikh crowned "Most Influential Personality in the Last Decade" at MENA Effie Awards 2024    Saudi Arabia arrests 19,696 illegals in a week    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    GACA: 1029 complaints recorded against airlines, with least complaints in Riyadh and Buraidah airports during October    CMA plans to allow former expatriates in Saudi and other Gulf states to invest in TASI    11 killed, 23 injured in Israeli airstrike on Beirut    Trump picks billionaire Scott Bessent for Treasury Secretary    WHO: Mpox remains an international public health emergency    2 Pakistanis arrested for promoting methamphetamine    Move to ban on establishing zoos in residential neighborhoods    Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Saudi Arabia and Japan to collaborate on training Saudi students in Manga comics Saudi Minister of Culture discusses cultural collaboration during Tokyo visit    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi Arabia and 7 other OPEC+ countries extend voluntary oil supply cuts until end of November
Published in The Saudi Gazette on 05 - 09 - 2024

RIYADH — Saudi Arabia and 7 other OPEC+ countries have agreed on Thursday to extend their voluntary oil supply cuts until the end of November, 2024. In a virtual meeting, these countries decided to postpone a planned output increase amid falling crude prices, the OPEC+ said in a statement.
The countries also include Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. These countries decided to extend their additional voluntary production cuts of 2.2 million barrels per day for two more months until the end of November after which these cuts will be gradually phased out on a monthly basis starting from December 1, 2024.
This will be in accordance with an attached schedule, with the flexibility to pause or reverse the adjustments as necessary. The overproducing countries have also reconfirmed their commitment that the entire overproduced volume will be fully compensated for by September 2025. Previously these countries announced additional voluntary cuts in April and November 2023.
During Thursday's meeting, the eight countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments. The group includes Iraq and Kazakhstan, which have overproduced since January 2024, but have strongly reaffirmed their commitment to the agreement and to their compensation schedules submitted to the OPEC Secretariat as agreed under the 53rd meeting of the Joint Ministerial Monitoring Committee on April 3, 2024.
In August 2024, Saudi Arabia, Russia, UAE, Kuwait, Algeria, and Oman held two ministerial discussions with Iraq and Kazakhstan. Both countries were urged to achieve full conformity and compensate for the overproduced volumes from January 2024. These two countries committed to engage with secondary sources to outline their plans for production adjustments to achieve compliance and meet the compensation schedules they submitted to the OPEC secretariat on August 22.
Iraq and Kazakhstan reinforced their commitment during the OPEC secretary general's visits in late August, conducted in coordination with Saudi Arabia's Minister of Energy and Chairman of the OPEC and non-OPEC Ministerial Meetings. During those visits, the OPEC Secretariat organized workshops with the secondary sources where both countries provided extensive details on the immediate and concrete measures they are implementing to achieve full conformity with the required production levels and to meet their compensation schedules for August and September.
These measures included advancing field maintenance plans and reducing production alongside delaying and canceling spot sales for the month of August. Moreover, the countries committed to adjust compensation plans for any over produced volumes in August. The decision of the eight countries to extend additional voluntary production cuts was taken in such a context, the statement added.


Clic here to read the story from its source.