Weekend news:
In summery from the cartel's statement:
- Eight OPEC+ countries (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman) extended their November 2023 voluntary production cut of 2.2 million barrels per day through December 2024.
- The Joint Ministerial Monitoring Committee (JMMC) will oversee compliance, with a deadline of September 2025 for compensating overproduction since January 2024.
- Iraq, Russia, and Kazakhstan reaffirmed their adherence to the production adjustment and compensation schedule.
