OPEC+ announced that it will maintain its current global oil supply levels until April 1, 2026. The production cuts established in 2022 will also remain in effect, but only until December 31 of the same year.

The alliance, led by Saudi Arabia and Russia, made the decision last Sunday, November 30, following the results of the previous ministerial conference and confirmed by the energy ministers of the 22 member countries.

The measure, approved in a teleconference, was published on the website of the Organization of the Petroleum Exporting Countries (OPEC). Participants clarified that the decision “does not include any potential increases in production that eight of its members might agree upon, given that these nations aim to finish returning to the market the barrels they voluntarily withdrew in 2023 and 2024 to support prices.”

With the implementation of the agreement, this month “they will have increased their supplies by about 2.9 million barrels per day (mbd), which represents approximately 2.8 % of global production.”

M.Pino

Source: murciaplaza

(Reference image source: Ben Wicks on Unsplash)

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