The members of the OPEC+ alliance agreed to reduce the production target for 2024 by 1.4 million barrels from current production targets. Six countries (Russia, Iraq, Oman, the UAE, Algeria, and Kuwait) followed Saudi Arabia's decision to extend voluntary oil production cuts until the end of 2024.
As a precautionary measure, the Kingdom will extend its voluntary reduction of 500,000 barrels per day until the end of December 2024, in coordination with some countries participating in the OPEC+ agreement."
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, stressed, "The agreement reached is unprecedented. We will assign independent bodies to verify the production capacity of each country."
Source (Al-Arabiya.net Website, Edited)
