OPEC+ agrees to postpone the planned oil production increases in December.

The OPEC+ alliance announced on Sunday that it will defer the planned voluntary production increases in December by one month, which was anticipated after a news report last week indicated that OPEC+ members were already discussing the matter.

The key points included in the OPEC statement are:

• The OPEC Secretariat indicated that the eight member countries of OPEC+, which previously announced additional voluntary adjustments to oil production in April and November 2023 - namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman - have agreed to extend the voluntary production adjustments for November 2023 by 2.2 million barrels per day for one month until the end of December 2024.
• The eight countries reaffirmed their collective commitment to achieving full compliance with the Declaration of Cooperation, including the additional voluntary production adjustments agreed upon to be monitored by the Joint Ministerial Monitoring Committee during its fifty-third meeting held on April 3, 2024, and the full compensation by September 2025 for the excess production since January 2024, in accordance with the compensation plans submitted to the OPEC Secretariat.
• The countries also referred to the recent announcement made by Iraq and the joint statement issued by Russia and Kazakhstan, where these countries strongly reaffirmed their commitment to the agreement, including the additional voluntary production adjustments and their compensation schedules for the excess production since January 2024.