Major oil producing countries announce extension of voluntary production cuts until the end of November

On September 5th local time, the Organization of the Petroleum Exporting Countries (OPEC) issued a statement saying that eight OPEC and non OPEC oil producing countries have decided to extend the voluntary production reduction measures of 2.2 million barrels per day, which were originally scheduled to expire at the end of this month, until the end of November. Starting from early December, these production reductions will be gradually withdrawn, but the pace of withdrawal will be flexibly controlled according to market conditions.