Led By Russia, Saudi Arabia, OPEC+ To Extend Output Cuts To Help Bolster Oil Prices

OPEC+ members led by Saudi Arabia and Russia have agreed to extend voluntary oil output cuts through the end of the year, the group said on its website on November 3. It said the "eight OPEC+ countries Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April and November 2023, have agreed to extend the…voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024." OPEC+ nations have sought to bolster the price of oil amid slowing global demand by reducing the supply of crude in world markets.