The Organization of the Petroleum Exporting Countries (OPEC) and oil-producing nations outside of OPEC confirmed on Thursday that eight of its members have agreed to extend their additional voluntary production cuts for two months until the end of November 2024. The initial cut of 2.2 million barrels per day, implemented voluntarily by Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates, will now be extended until the end of November, after which these cuts will be gradually phased out on a monthly basis starting December 1, 2024. The overproducing countries once again confirmed their commitment to fully compensating for the entire surplus volume by September 2025.