Opec+ extends production cuts again
The oil supplier bloc will continue with voluntary production cuts until April 2025, and gradually unwind them from then
The Saudi Arabia and Russia-led group first began voluntary production cuts in April 2023 and increased those cuts again in November 2023
THE 23-nation Organisation of the Petroleum Exporting Countries-plus alliance has agreed to delay the unwinding of voluntary production cuts for a further three months.
The decision was taken at the 38th edition of the Opec and non-Opec ministerial meeting, held every six months.
Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to extend the 2.2m barrels per day cut agreed in November 2023 until April 2025, having previously postponed the end of that particular cut in September and December 2024.
But now the 2.2m bpd cut will be unwound on a monthly basis from April 2025 through to the end of September 2025.
In addition, the 1.6m bpd cut announced in April 2023 will be extended until December 2026.
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