Eight OPEC+ Members Extend Voluntary Oil Supply Cuts: Saudi Ministry Emb-kym/js

Eight members of the OPEC+ group of oil-producing nations agreed Sunday to extend their voluntary supply cuts by a few months before gradually phasing them out, a statement by the Saudi energy ministry said after a meeting. The eight OPEC+ nations are Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. Their voluntary supply cuts of 2.2 million barrels per day (bpd) will be extended until September 2024 and then "phased out" by September 2025, the statement said. In addition, voluntary cuts of 1.65 million bpd announced...