OPEC+ extends oil output cuts into 2025

OPEC+ Extends Production Cut Agreement Into 2025 #

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to extend the voluntary production cut of 2.2 million barrels of crude oil per day into 2025. These cuts, originally announced in December and set to expire soon, were implemented to counter slowing demand and increased output from the United States. The group has also released the 2025 production requirements, which generally match those of the current year. The United Arab Emirates’ production quota will gradually increase by 300,000 barrels per day from January to September 2025. Despite these efforts, global oil prices have fallen around 10% since early April, due in part to record oil output in the US and concerns about sluggish demand in major economies.