The OPEC+ group has decided to extend oil production quotas into 2025, with a partial resumption of voluntary cuts from October 2024. The decision was made during online meetings of the Joint Ministerial Monitoring Committee and the OPEC+ meeting in Riyadh, with representatives from Algeria, Iraq, Saudi Arabia, Kuwait, the UAE, Kazakhstan, Russia, and Oman.
Additionally, the assessment period has been extended by three independent sources until late November 2025. This data will play a crucial role in setting quotas for 2026. The move aims to stabilize oil markets and ensure a balance in production levels among OPEC+ nations.
With this decision, OPEC+ continues its efforts to manage global oil supply and maintain stability in the energy market. The agreement reflects the commitment of member countries to collaborate and make coordinated decisions for the benefit of the industry and global economic stability.
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