Voluntary production cuts of 2.2 million barrels per day were also extended until the end of the first quarter of 2025, before that their effect extended until the end of 2024. After that, the recovery of production levels should begin, which will last until the end of September 2026.
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Recall that Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman have voluntarily agreed to limit oil pumping. Thus, the countries ensure a consistently high level of world oil prices.
We recently reported that global energy demand will increase by 24% by 2050.
