OPEC+ Extends Oil Production Cuts and Delays Recovery Plans Until Late 2025

OPEC+ member countries, including Russia and Saudi Arabia, have agreed to delay the recovery of oil production and extend their voluntary production cuts of 2.2 million barrels per day until December 2024. This decision marks a continued effort by the alliance to manage global oil supply amid fluctuating market conditions.

The announcement, reported by Azernews and detailed on the official OPEC+ website, also includes a revision of the production recovery timeline. According to the updated plan, several member countries will now gradually increase their oil production to meet their required quotas by November 2025. This extends the previous deadline of September 2025 set by the alliance, reflecting a more cautious approach to ramping up production.

In addition to these measures, OPEC+ countries have maintained the flexibility to suspend growth or adjust production parameters as needed, allowing them to respond dynamically to changes in the global oil market. This decision underscores the alliance’s strategic focus on maintaining stability in oil prices and balancing supply and demand.

Under the revised production plan, some countries will begin to gradually increase their output starting in December 2024, with the goal of reaching their allocated quotas by November 2025. This staggered approach provides the alliance with the flexibility to monitor market conditions and adjust production levels accordingly.

OPEC+ has also emphasized its ability to respond swiftly to any unforeseen market developments. The group retains the option to suspend production growth or make further adjustments to the parameters of the agreement if necessary.

Have you read?
Countries: Powerful Passports.
Countries: Richest.
Countries: Poorest.
Countries: Happiest.
Countries: Life Expectancy.