### OPEC+ Nations Extend Production Cut Agreement into 2024

In a concerted move to stabilize oil markets, eight OPEC+ countries have elected to extend their voluntary production adjustments of 2.2 million barrels per day (mbd) for an additional month, carrying the commitment until the end of December 2024. This decision encompasses major oil producers, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

The initial adjustments, announced in April and reiterated in November 2023, showcase the collective resolve of these nations to adhere to the Declaration of Cooperation. This extension emphasizes the ongoing effort to achieve full conformity with the agreed production levels.

During the 53rd meeting of the Joint Ministerial Monitoring Committee (JMMC) held on April 3rd, 2024, the group confirmed their commitment to the additional voluntary production adjustments. They also agreed to fully offset any overproduction that has occurred since January 2024. According to the compensation plans submitted, this reconciliation is expected to be completed by September 2025.

The recent announcements by Iraq and the joint statement from Russia and Kazakhstan have underscored the unwavering commitment to this agreement. Both statements reaffirmed their dedication to maintaining these production adjustments and adhering to the outlined compensation schedules.

This extension and the reinforced commitments highlight the collaborative efforts of these nations to manage oil supply and contribute to market stability in the year ahead.