OPEC+ Extends Oil Output Cuts Through 2025

The latest agreements between OPEC and non-OPEC oil producers aim to stabilize global oil markets. Kremlin spokesman Dmitry Peskov praised the consensus driving these decisions. OPEC+ has agreed to extend significant oil output cuts until 2025 to counter weak demand growth, high interest rates, and increasing U.S. production.

The latest deals reached by OPEC and non-OPEC oil producers are the product of consensus and common agreement, Kremlin spokesman Dmitry Peskov said on Monday, praising the group for stabilising global oil markets.

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising U.S. production.