OPEC+ member countries have decided to extend the oil production quotas set for 2025 into 2026, as confirmed in a statement on the organization's official website.
The alliance also extended its voluntary production cuts. The current reductions of 2.2 million barrels per day (bpd), upheld by eight member nations, will remain in place until the end of the first quarter of 2025. Afterward, production levels are expected to gradually increase, with recovery efforts lasting until September 2026.
Additionally, the production cut of 1.65 million bpd, initially scheduled to end in late 2025, has been prolonged until the close of 2026. The UAE has delayed its planned increase in production by 300,000 bpd under its OPEC+ quota from January 2025 to April 2025.
The next OPEC+ ministerial meeting is scheduled for May 28, 2025. However, according to a TASS source, the ongoing OPEC+ meeting has not yet officially concluded.
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Based on TASS materials