The OPEC+ alliance has agreed to extend the current oil production cut agreement until the end of 2025, aiming to support stability in petroleum markets amidst various instability factors.
According to an OPEC+ statement, the total production level of crude oil for member countries of the OPEC organization and participating non-member countries has been extended to 39.7 million barrels per day from January 1st to December 2025.
A schedule showed that all OPEC countries have been assigned the same production level for 2025 as in 2024, except for the UAE, whose production increased to 3.519 million barrels per day by an additional 300,000 barrels per day.
The statement noted that the Emirati increase would be phased in gradually starting from January 2025 until the end of September 2025.
The statement added that the required production level is precedent to any additional adjustments to production.
