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OPEC+ alliance extends production cuts to support prices 'until the end of 2025'

World News

02-06-2024 | 09:12

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OPEC+ alliance extends production cuts to support prices 'until the end of 2025'

The 22 members of the OPEC+ alliance agreed on Sunday to extend their oil production cuts until the end of 2025 to support prices amid various instability factors.

A statement said that OPEC+, consisting of the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia, and ten allied countries, most notably Russia, "will extend the level of crude oil production... from January 1, 2025, until December 31, 2025," following a semi-annual meeting held in a hybrid format, with some members attending in Riyadh and others participating via video conference.

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