OPEC+ member states have agreed to extend oil output cuts until the end of 2024. The total volume of cuts will amount to just over 40 million barrels per day. This is 1.4 million barrels lower than the current level and represents around 4.5 percent of global demand. The oil cartel's next meeting will take place in Vienna on November 26, and the Joint Ministerial Monitoring Committee meetings will be held every two months. It bears noting that Kazakhstan will extend its voluntary oil production cut of 78,000 barrels per day, as reported by the country's Energy Ministry.
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