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OPEC extends oil production cuts until 2025
The Organization of the Petroleum Exporting Countries (OPEC) decided today to extend until December 31, 2025, the voluntary cuts in oil production, agreed upon since the end of 2022.
© Lusa
Economia Petróleo
According to the EFE agency, the decision was made by the sector ministers of the 22 countries that make up OPEC, during their biannual conference, held in Saudi Arabia.
The validity of the current "joint production level", established at the end of 2022, was extended until December 31, 2025, according to a statement made at the end of the meeting.
The objective of this measure, explains OPEC, is to "achieve and maintain a stable oil market", as well as to "provide long-term guidance and transparency to the market".
The agreement involves the one-year extension of the binding cuts, which would expire at the end of 2024, although with some upward adjustments in the quotas of the various partners, after a reassessment of the level of their production capacity.
In total, the joint production ceiling is set at 39.72 million barrels per day (mbd), not including the voluntary cuts of eight countries (Saudi Arabia, Russia, Iraq, Kazakhstan, United Arab Emirates, Kuwait, Oman and Algeria).
Venezuela, Iran and Libya are exempt from these OPEC member commitments to limit production, due to involuntary cuts in their oil activities, due to various problems, such as sanctions, crises and conflicts.
"With its decision today, OPEC and its allies remain in line with the approach of being cautious, proactive and preventive," a brief statement emphasizes.
The next OPEC conference is scheduled for December 1 of this year.
At the end of last year, Angola announced its withdrawal from OPEC due to its disagreement with the production limits.
OPEC presented a target of 1.11 million barrels/day, while Angola intended to produce 70,000 more barrels.
Read also: Brent quotation for July delivery rises 1.19% to 83.10 dollars (Portuguese version)
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