OPEC+ extended the agreement to reduce oil production until the end of 2025 and left unchanged quotas for all countries except the UAE, follows from a communiqué following a meeting of the heads of the alliance.
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“Maintain the level of total oil production for OPEC and non-OPEC countries <…> starting from January 1, 2025 until December 31, 2025,” the document says.
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The attached table shows that the production quotas set for this year remained the same; the changes affected only the UAE. For this country, it is proposed to increase the maximum production level by 300 thousand barrels – to 3.519 million barrels per day.
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As a result, taking into account the increase in the UAE quota and Angola’s departure from the alliance, the total OPEC+ production limit will be 39.725 million barrels per day.
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“This increase will be gradual, starting in January and ending in September 2025,” the communiqué noted.
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In addition, OPEC+ countries extended the period for assessing production capacity based on data from three independent sources until the end of November 2025. This will be the basis for determining quotas for 2026. The analysis was originally supposed to be completed by the end of June 2024.
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Last year, OPEC+ cut oil production, setting quotas at two million barrels per day below the August 2022 level. Since the beginning of this year, they have fallen by about another million barrels per day (excluding Angola). In addition, several countries, including Russia and Saudi Arabia, voluntarily reduce production above quotas throughout the year, by a total of 1.66 million barrels per day.
