Guess who's keeping the oil taps a bit tighter? 😉 Eight members of the OPEC+ crew just decided to roll over their voluntary oil output cuts for another month, stretching them through the end of December 2024. ⛽️🗓️
These powerhouse producers—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—are sticking to their guns in response to those pesky weak oil prices we've been seeing lately. 📉
According to an OPEC statement, they've \"agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024.\" That's a significant move aimed at balancing the oil market. ⚖️
The group is also doubling down on their commitment to \"achieve full conformity\" with production targets and plans to make up for any overproduction by September 2025. Talk about dedication! 💪
This isn't the first time they've extended cuts. Back in September, the same group pushed their reductions by an extra two months. Seems like they're really focused on stabilizing prices and market dynamics. 🌍💰
With oil prices dipping recently over concerns about slowing global demand, this move could be a game-changer. Stay tuned to see how this impacts everything from fuel prices to global markets! 🛢️🚗🌐
Reference(s):
8 OPEC+ members extend voluntary oil output cuts by one month
cgtn.com
