Eight countries in the OPEC+ alliance have agreed to extend their crude oil production cuts through the end of the year.
Members had two sets of voluntary output curtailments, one established in April 2023 and another in November 2023. From the start of 2025, 2.2 MMb/d of production that was part of the November 2023 cuts would be restored, OPEC+ said in its announcement. The countries participating in the supply cutbacks include Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates. The production cuts from April 2023 are expected to remain in place.
In a previous meeting, the OPEC+ alliance announced plans to end its output cuts in phases from December 1, pushed back from October. Since the pandemic, the group had been imposing supply cuts to manage global balances as the demand had suffered since the health crisis. More recently, worries about softening Chinese demand have figured into decisions to keep some of those curtailments in place.
