On June 2, although at the meeting on Sunday, OPEC + has formally agreed to extend the "voluntary production reduction measures" until the end of 2024, two OPEC sources said that OPEC + will continue to reduce production from October 2024 to September 2025.

Although OPEC + has formally agreed to extend the "voluntary production cuts" until the end of 2024 at its meeting on Sunday, two OPEC sources said that < b > OPEC + will phase out the voluntary production cuts of 2.20 million barrels per day between October 2024 and September 2025 . There are two kinds of "voluntary production reduction agreements" within OPEC, one is compensatory production reduction measures (top layer: the above-mentioned 2.20 million barrels/day), affecting member countries that have not made full voluntary production cuts; the second type is so-called compensatory production reduction measures, affecting a few countries that have failed to implement official production reduction measures (second layer: this part of the production capacity is about 1.66 million barrels/day). The source said that the second production reduction agreement will remain in effect throughout 2025. < br > < img src = "https://flash-scdn.jin10.com/f7391b2d-9f40-4e02-ab87-22e8d7db75a0.png" referrerpolicy = "no-referrer" >