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
Chinese lawmakers on Dec 25 voted to adopt a law on value-added tax (VAT), the largest tax category in China, marking major progress in enforcing the principle of law-based taxation.
The law, passed at a session of the Standing Committee of the National People's Congress, the national legislature, will take effect on Jan 1, 2026.
Currently, 14 out of the 18 tax categories in effect in China have already been legislated, covering the majority of tax revenue.
The VAT law specifies tax rates and taxable amounts, maintaining the three current rates of 13 percent, 9 percent, and 6 percent, with a zero tax rate applied to certain goods and services exports.
"The VAT legislation maintains the current statutory tax rates: 13 percent for goods, 9 percent for sectors like transportation, postal, communication, real estate, and construction, and 6 percent for services," said Shi Zhengwen, director of the Fiscal and Taxation Law Research Center of China University of Political Science and Law.
In terms of tax collection management, the VAT law clarifies that VAT will be collected by tax authorities, while customs will handle VAT for imported goods.
Additionally, for the first time, the law specifically outlines an invoicing management system, emphasizing the promotion of electronic invoices and strengthening data-driven tax administration.
"Electronic VAT invoices aim to provide timely access to tax-related information from business operations. The goal is to establish a tax information-sharing mechanism and coordination system. Under the 'data-driven tax administration' model, VAT collection will ultimately support high-quality development, social fairness, and market unity," said Shi.
VAT law to take effect in 2026, with current rates unchanged
