OPEC+ agrees to extend output cuts to buttress oil prices
The Peninsula
Vienna: The OPEC+ group of oil producing nations agreed Sunday to extend their production cuts until the end of 2025 in a bid to support prices amid e...
Vienna: The OPEC+ group of oil-producing nations agreed Sunday to extend their production cuts until the end of 2025 in a bid to support prices amid economic and geopolitical uncertainty.
The 12-member oil group and its 10 allies decided to "extend the level of overall crude oil production... starting 1 January 2025 until 31 December 2025," a statement by the alliance said.
The group-wide supply cuts amount to about two million barrels per day (bpd).
The decision came shortly after the biannual meeting of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, headed by Russia, began in a hybrid format at around 1200 GMT.
Since late 2022, the alliance has implemented a series of supply cuts in a bid to bolster flagging oil prices.
