OPEC+ Members Extend Voluntary Production Cuts to End of 2024
Eight member countries of the OPEC+ oil producers' group announced on Sunday that they would extend their voluntary production cuts by one month, pushing these measures until the end of December 2024 to address the persistent weakness in oil prices. Among these countries, Algeria plays a key role as an influential member of this coalition.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, confirmed that participating countries, including Algeria, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman, had agreed to extend the voluntary production adjustments of 2.2 million barrels per day decided in November 2023.
These measures will remain in effect until the end of December 2024.
Algeria, in particular, has emphasized its commitment to respecting these production targets. The country has always been determined to stabilize the oil market, which is essential for its economy.
Last September, these eight countries had already extended their voluntary production cuts by two months, which were initially set to expire at the end of September.
This type of coordination is crucial in a context where oil prices are under downward pressure, fueled by concerns about slowing global demand.
