The cuts include 2 million bpd by all OPEC+ members, a first voluntary round of nine members, of 1.66 million bpd, and a second of eight members, of 2.2 million bpd.
OPEC+ extended the first round of voluntary cuts from 2024 until the end of 2025, the group said in a statement.
It also agreed to extend the latest round of voluntary cuts until the third quarter of 2024, OPEC+ sources said, adding that more details were being worked out and would be announced on Sunday.
The countries that have made voluntary cuts in the second round are Saudi Arabia, Algeria, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman, Russia and Gabon. The same countries, except Gabon, participated in the third round.
The group also agreed to allocate the United Arab Emirates a higher production quota of 3.5 million bpd in 2025, up from the current level of 2.9 million.
OPEC+ also postponed an independent assessment of its members’ production capacities until the end of November 2025, from June 2024. The figures will be used as guidance for 2026 baseline production levels.
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