OPEC Nations Unite for Oil Market Stability

Eight OPEC countries, including Saudi Arabia and Russia, solidify their commitment to oil market stability. They confirmed continuing gradual reduction of voluntary production cuts, aiming for a healthier market outlook. The decision aligns with the agreement made on December 5, and will start on April 1, 2025.

In a concerted effort to ensure oil market stability, eight major OPEC countries reiterated their commitment to a healthier market outlook. This reaffirmation was made during a virtual meeting on Monday, where they discussed future strategies.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman collectively decided to maintain their agreed production strategies aimed at gradually alleviating voluntary production cuts.

According to the statement released, the group plans to begin their phased approach to lifting 2.2 million barrels per day cuts starting April 1, 2025, following the decision made on December 5.

(With inputs from agencies.)