OPEC+ Extends Oil Agreement Until 2025
OPEC+ Extends Oil Production Cuts Agreement Until 2025
OPEC+ has made the decision to extend the agreement to reduce oil production as a whole until 2025, as reported by the Bloomberg news agency. This decision was communicated in the organization’s communiqué following a recent meeting.
Countries within OPEC+ such as Russia and Saudi Arabia will continue their voluntary oil production cuts by 1.66 million barrels per day throughout the upcoming year. Furthermore, these countries have agreed to implement an additional reduction in oil production by 2.2 million barrels per day in the first half of 2025. This move will contribute to a total increase in the oil production quota of the alliance states from the current 39.425 million barrels per day to 39.725 million barrels.
To streamline communication and decision-making processes, OPEC+ ministerial meetings will now take place once every six months, aligning with the regular OPEC conference schedule. The next meeting is scheduled for December 1.
The decision to extend oil production cuts reflects OPEC+’s ongoing efforts to stabilize global oil markets and ensure sustainable production levels in the face of fluctuating demand. This move is expected to have a significant impact on the oil market dynamics in the coming years.
ORIENT News is closely monitoring developments related to OPEC+ decisions and will provide further updates as they unfold.
Photo Source: russian.rt.com
