OPEC+ continued the voluntary reduction of oil production until the end of the year

Members of the OPEC+ group agreed to continue the voluntary reduction of oil production until the end of 2024.

The Organization of Petroleum Exporting Countries announced this on its website on November 3, Radio Svoboda reports.

The statement said that "the eight OPEC+ countries (Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman) that previously announced additional voluntary adjustments in April and November 2023 have agreed to continue… a voluntary production adjustment of 2,2 million barrels per day for one month until the end of December 2024."

OPEC+ countries are trying to raise the price of oil against the background of slowing global demand by reducing the supply of crude oil on world markets.

The OPEC+ group unites the countries of the Organization of the Petroleum Exporting Countries and countries that agree with the cartel on their policy in the field of export and production of raw materials. In recent years, its influence on the formation of the price of oil on the world market has gradually decreased due to the increase in production in countries that do not belong to the cartel and do not coordinate their policies with it, in particular, in the USA or Canada.