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OPEC plus countries which announced additional voluntary cuts in April 2023 and November 2023 including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman held a meeting in person in Riyadh on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM). The meeting was conducted to reinforce the precautionary ...
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As widely expected ahead of Sunday’s virtual gathering, OPEC and its allies agreed to extend cuts of 3.66 million barrels per day bpd until the end of 2025 and begin phasing out voluntary cuts of 2.2 million bpd over the next 16 months, beginning in September. While markets had expected OPEC and Russia to extend voluntary cuts by a few months due weaker oil ...