Representatives of OPEC+ countries that voluntarily cut oil production – Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – are meeting today to discuss December production plans. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
The countries plan to keep the maximum allowed oil production for December unchanged, Reuters reported earlier, citing sources.
In October, Russia, Saudi Arabia, Iraq, Kuwait, Kazakhstan, Algeria and Oman decided to maintain the maximum allowed oil production for November at the level set for September and October.
The seven OPEC+ countries made voluntary cuts in addition to the total quotas established by the agreement.
Since April last year, participants have been discussing monthly production plans for the following month, gradually removing these restrictions.
In September, the countries completed their exit from these cuts.