The alliance emphasized its cautious and proactive approach to ensuring market stability amid pressures from weak global demand and increased production by non-member countries.
Following its 38th ministerial meeting, the OPEC+ alliance on Thursday announced an extension of its current oil production cuts until December 2026.
This decision aims to stabilize global oil markets amid ongoing challenges. Member states plan to maintain voluntary reductions of 2.2 million barrels per day until the end of March 2025, with a gradual reduction set to begin in April 2025 and conclude in September 2026. Key countries participating in these cuts, including Saudi Arabia, Russia, the UAE, and Kuwait, agreed to extend additional reductions of 1.65 million barrels per day, initially established in April 2023, until December 2026.
The meeting brought together eight nations: Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, which reaffirmed their commitment to these voluntary reductions.
The alliance emphasized its cautious and proactive approach to ensuring market stability amid pressures from weak global demand and increased production by non-member countries. It also reaffirmed its commitment to earlier agreements, including the "Declaration of Cooperation" from December 2016 and the "Cooperation Charter" from July 2019.
The Joint Ministerial Monitoring Committee was highlighted for its role in overseeing market developments and compliance, with an expanded authority to call extraordinary meetings if necessary. Ministers expressed gratitude to Saudi Arabia for fostering consensus and promoting market stability. Looking ahead, the 39th OPEC+ Ministerial Meeting is scheduled for May 28, 2025, to review market conditions and adjust production policies accordingly.
