The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, agreed on Sunday to extend crude oil output cuts until the end of 2025 in order to shore up the market amid high interest rates and rising rival US production.
A statement issued today by OPEC+ said that it was agreed to extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation starting 1 January 2025 until December 31, 2025.
The OPEC+ members have made a series of oil output cuts since late 2022, and they are currently cutting output by a total of 5.86 million barrels per day.
Source: Qatar News Agency