MOSCOW, November 8. /TASS/. OPEC+ countries have decided to extend voluntary oil production cuts of 2 million bpd until the end of the year due to the winter drop in oil demand, the vice-president said. Russian Prime Minister Alexander Novak in an interview with the Rossiya-24 television channel.

He recalled that the principle of work within OPEC+ is to closely observe the market, monitor supply and demand and make other decisions based on the current situation.

“So it is completely objective, we are still in winter and demand is decreasing compared to the summer period, that is to say, fewer cars consume petroleum products in winter, the holiday period is ending “Novak said.

The Deputy Prime Minister emphasized that at the OPEC+ ministerial meeting, the alliance countries will once again analyze the situation in the oil market, discuss forecasts for the first quarter of next year and make a decision on the basis of this information.

Previously, eight OPEC+ countries postponed for another month, until the end of 2024, their decision to start restoring oil production. Initially, the resumption of production was supposed to begin gradually in October, but in September, OPEC+ decided to postpone it by two months, until December.

Countries that continue to voluntarily reduce production include Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. From the first quarter of 2024, these countries voluntarily reduce their production by 2.2 million b/d.