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cailianshe news, september 6 (editor: zhao hao)on thursday (september 5th) local time, opec announced on its official website that eight countries participating in the "voluntary production cuts" agreed to extend the plan for two months until the end of november 2024.

the press release also posted a timetable for gradually restoring production starting in december, saying that the 2.2 million barrels per day production cut would be canceled according to the new plan from december 1. but opec added that participating countries can flexibly suspend or revoke these production adjustment decisions as needed.

source: opec official website

in june this year, eight opec+ member countries, including saudi arabia, russia, iraq, the united arab emirates, kuwait, kazakhstan, algeria and oman, decided to extend their voluntary production cuts of 2.2 million barrels per day until the end of september this year.

at that time, the saudi energy minister mentioned that if the organization believes that the market is not strong enough, it may suspend or cancel the "production increase" plan. previously, consulting firm energy aspects pointed out that the recent weakening demand has increased the possibility of opec+ delaying production increases.