The Organization of the Petroleum Exporting Countries, together with its allies OPEC+, decided to extend oil production cuts until 2025 in order to level prices.

Through a virtual meeting of OPEC+ Oil Ministers, OPEC made the decision that was reflected in an official statement on the extension to all of 2025.

Thus, “the production quotas of OPEC+ countries next year will remain largely the same as this year, except for the United Arab Emirates. “The country’s production cap will be raised by 300,000 barrels per day (bpd) to reach 3,519 million bpd, and the increase will be gradual from January 2025 until the end of September 2025.”

On the other hand, it was learned that the existing production cuts by OPEC+ will remain, at least, until the third quarter of this year.

In summary, following official policy, “the coalition will produce a combined total of 39.725 million barrels per day next year, according to a table published by the OPEC Secretariat,” according to Bolsamania.

The OPEC+ subset, which includes leaders Saudi Arabia and Russia (Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman), will extend additional voluntary cuts of 1.65 million bpd until the end of December 2025.

This is in addition to the additional voluntary cuts of 2.2 million bpd announced in November 2023, until the end of September 2024, and then the cut of 2.2 million bpd will be phased out on a monthly basis until the end of September 2024. 2025 to support market stability.

M.Pino

Source: globovision

(Reference image source: @BBGenEspanol, X)

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