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Editor in Chief Mohamed Wadie

OPEC+ Extends Production Cuts until End of 2025


Mon 03 Jun 2024 | 05:59 AM
Source: AFP/Getty
Source: AFP/Getty
Taarek Refaat

The OPEC+ group decided to extend the production cuts according to the cooperation declaration until the end of 2025. 

A statement said that it was agreed to extend the total production level of crude oil for OPEC member states and countries outside it, participating in the declaration, from January 1, 2025 until December 31, 2025.

The period of the evaluation, conducted by the three independent sources, was extended until the end of November 2025, and this evaluation will be used as guidance in determining production levels for the year 2026.

The group approved the target production levels for the year 2025 at 39.725 million barrels per day, before applying any voluntary reductions decided by countries individually, while increasing the targeted production in the UAE by 300,000 barrels per day to 3.519 million bpd.

Source: AFP/Getty