OPEC+ Extends Production Cuts Until 2025

OrganizationsInternational Organizations ♦ Published: June 2, 2024; 22:28 ♦ (Vindobona)

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in Riyadh on the sidelines of the 37th OPEC and Non-OPEC Ministerial Meeting (ONOMM). During the meeting, the participating countries decided to extend the existing production cuts until the end of 2025.

The Organization of the Petroleoum Exporting Countries (OPEC) headquarters in Vienna. / Picture: © Wikimedia Commons / DALIBRI / CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)

An official OPEC statement said: “The participating countries reaffirmed the framework of the Declaration of Cooperation signed on December 10, 2016, and further reaffirmed in subsequent meetings, as well as the Charter of Cooperation signed on July 2, 2019”. It was also decided to extend the total production of crude oil of OPEC and non-OPEC participating countries in the DoC from…