The OPEC+ member countries agreed to extend the voluntary reduction in oil production until December 31, 2026.

The organization also clarified that cuts amounting to 2.2 million barrels will be gradually canceled every month until September 2026, in order to maintain stability in the oil market. At the same time, the resumption of previous production can be suspended or canceled depending on the market situation.

“The countries have decided to extend additional voluntary adjustments by 1.65 million barrels per day, which were announced in April 2023, until the end of December 2026. In addition, these countries will extend additional voluntary adjustments in the amount of 2.2 million barrels per day, announced in November 2023, until the end of March 2025,” the organization said.

The agreement between the OPEC+ states was reached back in October. At the time, they were going to commit to the new restrictions until December. The organization emphasized that the eight participating countries have confirmed their commitment to the agreement and support Russia and Kazakhstan’s position on this issue.