OPEC+ Plans Major Oil Production Cuts Extension into 2025

OPEC+ is negotiating a complex deal to extend its current deep oil production cuts, which could last until 2025. The arrangement may also include extending voluntary cuts of 2.2 million barrels per day and a separate 3.66 million bpd cut, both subject to new member output figures to be agreed in 2024.

OPEC+ is working on a complex deal to be agreed at its meeting on Sunday that will allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on Thursday.

The deal might include extending some or all of the current voluntary production cuts of 2.2 million barrels per day, expiring in June, into the third or fourth quarter of 2024. The deal would also include extending a separate part of cuts of 3.66 million bpd, expiring at the end of 2024, into 2025.

The extension of some cuts into 2025 will likely be made conditional on OPEC+ agreeing new individual member output capacity figures later in 2024, two of the sources said.