The core of the OPEC+ group of oil producers has expressed concern over Iran’s attacks on energy infrastructure amid oil shortages persisting amid the war in the Middle East.
The 1.65 million barrels per day (bpd) may be returned in part or in full, subject to evolving market conditions, and in a gradual manner, OPEC+ said.
The voluntary cut planned for July will now also cover September, the Ministry of Energy said, adding that further extensions were possible.
This decision by OPEC+ to extend the current cuts by several countries is expected to make the market more predictable for the next 18 months.
The U.S. has put OPEC leaders Saudi Arabia and the United Arab Emirates under pressure to pump more oil to help rein in prices.
