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[size=36]Iraq, seven OPEC+ nations extend oil supply cuts[/size]
economy | 12:10 - 06/09/2024
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Mawazine News - Baghdad
Eight members of the OPEC+ alliance of oil-producing countries agreed on Thursday (September 5, 2024) to extend voluntary supply cuts until the end of November, postponing a planned increase in production amid falling crude prices.
Concerns over slowing demand in China and the United States have weighed on oil prices recently, with West Texas Intermediate crude falling below $70 a barrel for the first time in 13 months.
The eight countries are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
The alliance said in a statement that the voluntary supply cut of 2.2 million barrels per day would be extended "for two months until the end of November 2024."
It added that it would be "gradually phased out on a monthly basis starting from December 1, 2024," noting that the agreement provides for "flexibility to stop or reverse the adjustments based on what the need dictates."
At the alliance’s last ministerial meeting in June, OPEC and its allies announced they would gradually begin increasing production from October.
“Even if OPEC+ takes the safer option, its decision to extend the production cut until the end of the year may not be enough” to support prices, said Swissquote analyst Ipek Ozardeskaya.
Concerns over slowing demand in China and the United States have weighed on oil prices recently, with West Texas Intermediate crude falling below $70 a barrel for the first time in 13 months.
The eight countries are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
The alliance said in a statement that the voluntary supply cut of 2.2 million barrels per day would be extended "for two months until the end of November 2024."
It added that it would be "gradually phased out on a monthly basis starting from December 1, 2024," noting that the agreement provides for "flexibility to stop or reverse the adjustments based on what the need dictates."
At the alliance’s last ministerial meeting in June, OPEC and its allies announced they would gradually begin increasing production from October.
“Even if OPEC+ takes the safer option, its decision to extend the production cut until the end of the year may not be enough” to support prices, said Swissquote analyst Ipek Ozardeskaya.
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