The ministers of the countries participating in the OPEC+ agreement agreed to extend the deal for the whole of 2025, as follows from the final communiqué published on the OPEC website. The authorized level of oil production by the countries of the Alliance in 2025 will increase by 300,000 barrels per day.
For 2024, OPEC+ oil production quotas, taking into account Angola's withdrawal from the alliance, amount to 39.425 million barrels per day. In 2025, according to OPEC, the permitted level of production will be 39.725 million barrels per day. Quotas have thus been increased by 300,000 b/d.
At the same time, the permitted level of production has been increased for only one country - the UAE. The UAE quota increase will be phased in from January until the end of September 2025. For all other alliance countries, including Russia and Saudi Arabia, quotas remained at the 2024 level.
OPEC+ countries also extended until November 2025 the deadline for three independent sources to assess the production capacity of the alliance countries. Based on this data, the quotas for 2026 will be determined. Initially, the analysis was supposed to be completed by the end of June 2024.
The next OPEC+ meeting is scheduled for December 1.