OPEC+ extends oil deal through 2025
OPEC+ has decided to extend the agreement to reduce oil production as a whole until 2025. This was reported by the Bloomberg news agency, citing the organization's communiqué issued following the meeting.
In addition, some OPEC+ countries, including Russia and Saudi Arabia, will extend voluntary oil production cuts by 1.66 million barrels per day throughout next year.
An additional reduction in oil production by these same countries by 2.2 million barrels per day will only take effect in the first half of 2025. At the expense of the United Arab Emirates, the total oil production quota of the alliance states will increase from the current 39.425 million barrels per day to 39.725 million.
OPEC+ ministerial meetings will be held once every six months “in accordance with the normal scheduled OPEC conference.” The next such meeting is scheduled for December 1.
ORIENT news
