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The government of Saudi Arabia has expressed approval of the recent decisions made by OPEC+, stating that the extension of voluntary oil cuts by the Kingdom and seven other nations is aimed at enhancing precautionary measures to support stability in the oil market.
OPEC+ is composed of OPEC oil-producing nations and other countries including Russia.
The alliance of OPEC+ has agreed to prolong the additional voluntary oil production cuts of 2.2 million barrels per day, which were initially announced in November 2023, until the end of September 2024.
Additionally, the alliance has also decided to extend the supplementary cuts of 1.65 million barrels per day, which were announced in April 2023, until the end of December 2025.
The meeting in Riyadh, attended by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, took place on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting.
Saudi Energy Minister Prince Abdulaziz bin Salman emphasized the importance of caution for OPEC+ countries in the light of differing market views and ongoing economic uncertainty.
Kuwait’s Oil Minister Imad Al-Atiqi highlighted the significance of economic conditions and interest rates in determining market stability and supply and demand rates.
He commended the positive outcomes of the recent meetings and stressed the need for vigilance in monitoring oil market developments, as OPEC+ strategy will be influenced by these patterns.
