(Finance) – The Eight OPEC countries+which had previously announced further voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, have Their decision agreed on December 5, 2024 to proceed with a gradual and flexible return of the voluntar adjustmentsI of 2.2 MBD starting from 1 April 2025.
The decision was made “taking into account the healthy fundamental market And of the positive market prospects “, reads a note, where it is underlined that they remain” adaptable to evolving conditions “.
Consequently, “this gradual increase could be suspended or inverted according to market conditions” and “this flexibility will allow the group to continue supporting stability of the oil market “.
In addition, the eight countries reiterated their collective commitment to full compliance with further voluntary adjustments of the production as agreed in theMeeting of April 3, 2024. They also confirmed their intention to completely compensate any overproduct volume from January 2024, in accordance with the compensation plans presented to the APEC secretariat, ensuring that all compensations are completed by June 2026.
Countries with overproducts have also agreed to anticipate their compensation plansso that a greater part of the overproducts volumes is compensated in the first months of the compensation period, and will send their compensation programs updated to the secretariat of OPEC by 17 March 2025.