vienna: The OPEC Secretariat has confirmed an extension of the voluntary production cut agreement among eight OPEC+ nations. The countries involved are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman. This agreement maintains a reduction of 2.2 million barrels per day, continuing through December 2024.

According to Trend News Agency, the participating countries have also reaffirmed their collective commitment to the Declaration of Cooperation. This includes any additional voluntary production adjustments deemed necessary. The agreement highlights Iraq’s recent announcement and the joint statement from Russia and Kazakhstan. Both nations have reiterated their commitment to the agreement, including adherence to voluntary production adjustments and compensation schedules for any overproduction since January 2024.