OPEC+ Members Urge Commitment to Oil Production Cuts

Saudi Arabia, Russia, and Kazakhstan underscore the importance of adhering to voluntary oil production cuts by OPEC+ members. Discussions are ongoing about delaying a planned output increase set for January, emphasizing cooperation and commitment to stabilizing global oil markets.

In a recent announcement, Saudi Arabia, Russia, and Kazakhstan have reiterated the necessity of full compliance with voluntary oil production cuts as outlined by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.

According to two sources within the group, there are ongoing discussions about pushing back a planned increase in oil output initially scheduled for January. This comes just ahead of an important meeting set for Sunday, which will outline oil policy for early 2025. The statement was issued following a phone meeting involving Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, Kazakhstan's Energy Minister Almasadam Satkaliyev, and Russian Deputy Prime Minister Alexander Novak, who is currently on an official visit to Kazakhstan.

The three energy leaders emphasized the critical nature of cooperation among OPEC+ member nations, including adhering fully to the agreed-upon voluntary production cuts and addressing any production surpluses. Earlier in the week, Prince Abdulaziz and Novak met with Iraqi Prime Minister Mohammed Shia al-Sudani in Baghdad to further discuss the global energy market and crude oil production dynamics.

(With inputs from agencies.)