The level of overall crude oil production would be extended for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC), starting 1 January 2025 until 31 December 2025. This was granted in the 37th OPEC and non-OPEC Ministerial Meeting.
Participating countries also agreed to grant the UAE a new reference production level of 3.519 million barrels per day in 2025, equivalent to an increase of 300,000 barrels per day, to be gradually implemented from January 2025 to September 2025.
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The total voluntary cuts adopted by some member countries reached 2.2 million barrels per day, while the total cuts of OPEC+ members amount to 5.86 million barrels per day, which have been extended until the end of next year.
An OPEC statement said today’s decisions came in light of the continued commitment of the OPEC and non-OPEC participating countries in the DoC to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market.
It is also in line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, according to the statement.
The 38th OPEC and non-OPEC Ministerial Meeting will be held on 1 December 2024.