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Collection of OPEC+ Nations Confirm Commitment to Cuts

OIL

A collection of OPEC+ nations Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and the United Arab Emirates stated their commitment to "collective and individual voluntary adjustments" towards oil production levels over the weekend.

  • The Ministers of Energy of the OPEC+ countries and the Secretary-General of OPEC held a meeting in Riyadh Sunday, on the sidelines of the activities of Climate Week in the Eastern Region.
  • "Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take additional measures at any time in their continued efforts to support market stability, building on the strong cohesion of the OPEC plus," Saudi state news reported.
  • OPEC+ agreed in June to extent current voluntary cuts until the end of 2024 while Saudi and Russia announced its extra voluntary cuts are extended until the end of the year but monthly reviews remain.
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