Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman gathered in Riyadh during the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).
These OPEC+ nations, which had previously committed to additional voluntary oil cuts in April and November 2023, convened to bolster their collective efforts in stabilizing oil markets. During the meeting, it was decided to extend the supplementary cuts of 1.65 million barrels per day (bpd) announced in April 2023 until December 2025.
Additionally, the 2.2 million bpd cuts declared in November 2023 would be prolonged until September 2024. Following this, the 2.2 million bpd cut will be gradually phased out on a monthly basis until September 2025, subject to market conditions.
The gathering emphasized transparency and cooperation, with Iraq, Russia, and Kazakhstan pledging to achieve full compliance and submit updated compensation schedules for overproduced volumes since January 2024 to the OPEC Secretariat by the end of June 2024, as previously agreed upon in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC).
