Oil, Opec+: cuts extended until 2025. Two million barrels per day less
The group of producing countries, as Bloomberg reports, has also decided to extend the voluntary restrictions of some countries into the third quarter of 2024
2' min read
2' min read
The Opec+ countries agreed to extend the current production cuts until the end of 2025 to support the prices of oil at a time of great economic and geopolitical uncertainty.
The organisation will 'extend the total level of crude oil production from 1 January 2025 to 31 December 2025', according to a statement.
The cuts amount to approximately two million barrels per day. This strategy, initiated at the end of 2022 in response to falling prices, is designed to play on supply shortages and boost prices. In addition to this extension, Opec+ decided to increase the UAE production target by 300,000 barrels per day.
Abu Dhabi is one of the countries that agreed to further turn off the taps, at the request of Saudi Arabia.
Also Saudi Arabia and Russia, as well as Algeria, Oman, Kazakhstan, Kuwait and Iraq made additional efforts this year, which are expected to be renewed in 2025, according to the table published online.
