OPEC+ decides to extend oil output cuts to end of ’25

The 37th ministerial meeting of the OPEC+ decided in Riyadh on Sunday to extend the oil output cuts until the end of 2025. The 12-member oil group and its allies decided to extend the level of overall crude oil production, starting from 1 January 2025 to 31 December 2025, according to a statement adopted by the alliance. This came during the 37th meeting of the group, held in the Saudi capital, with Kuwaiti Minister of Oil Dr. Imad Al-Atiqi attending. The move came in the light of OPEC and non-OPEC member states' unwavering commitment to maintaining oil market stability, providing transparency, and guiding markets, according to the statement. They also decided to extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels, and to reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review the global oil market conditions, oil production levels, and the level of conformity with the DoC , assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. Furthermore, they said that they would hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference. Finally, they decided to hold the 38th OPEC and non-OPEC Ministerial Meeting on 1 December 2024. Source: Kuwait News Agency