During their latest meeting, oil exporting countries agreed to continue production restrictions until the end of 2025. This decision was made by OPEC and its allies, also known as OPEC+, in order to address geopolitical uncertainty and economic challenges. Currently, the collective production cuts across the union amount to about two million barrels per day.
In addition to extending production restrictions, OPEC+ announced that the United Arab Emirates will be increasing its oil production quota by 300,000 barrels per day in the upcoming year. This decision was made during the coalition’s meeting, which is held every six months.
Originally planned to take place in Vienna, the meeting was conducted remotely due to unforeseen circumstances. However, representatives from some member countries were asked to attend the meeting in Riyadh, the capital of Saudi Arabia. OPEC+ consists of 22 member countries, and they have been enforcing production cuts since the end of 2022 to stabilize the falling oil price.
The combined efforts of OPEC+ countries have resulted in nearly six million barrels per day of oil production cuts, achieved through both mandated alliance-wide cuts and voluntary additional reductions. The goal of these ongoing restrictions is to support and maintain the stability of the oil market.
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