Eight member countries of the OPEC+ oil-producing group announced on Sunday that they would extend their voluntary output cuts by another month, prolonging the reductions through the end of December in response to persistently weak oil prices.
OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies. The eight countries participating in these production cuts are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
In a statement, OPEC confirmed that these countries have "agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month, until the end of December 2024.”
The countries also reiterated their commitment to 'achieve full conformity' with their production targets and pledged to compensate for any overproduction by September 2025.
The decision follows an earlier move in September, when the eight countries extended their voluntary production cuts—originally set to expire at the end of that month—by an additional two months.
Oil prices have generally trended downward in recent weeks amid concerns over slowing global demand.
Eight OPEC+ members extend voluntary oil production cuts by one month
China's sharp countermeasures against U.S. "reciprocal tariffs" demonstrate the country's zero tolerance towards actions that undermine the global multilateral trading system, according to an expert.
Amid widespread opposition, U.S. President Donald Trump on Wednesday signed an executive order on the so-called "reciprocal tariffs", imposing a 10-percent "minimum baseline tariff" on all imported goods and higher rates on certain trading partners. The order took effect from Saturday.
For China, it faces a 34-percent tariff from the United States. That was on top of the existing tariff of 20 percent.
Following the U.S. decision to impose "reciprocal tariffs" on Chinese exports to the United States, China's Customs Tariff Commission of the State Council said Friday that the move taken by the U.S. does not conform to international trade rules, seriously undermines China's legitimate rights and interests, and represents a typical act of unilateral bullying.
It also announced that China will impose additional 34-percent tariffs on all products imported from the United States starting from April 10.
Wang Yaojing, assistant professor of economics with Peking University, pointed out that China's countermeasures shows its clear stance in opposing unilateralism and protectionism.
"China's countermeasures clearly demonstrate zero tolerance against actions that seek to undermine the global multilateral trading ecosystem. These harmful moves have far-reaching consequences for the global economy. And China's countermeasures are both well-prepared and timely," Wang emphasized.
China’s countermeasures show zero tolerance towards US unilateralism, protectionism: expert
