Vienna: The OPEC+ alliance, during its 38th ministerial meeting, announced an extension of its current oil production cuts through December 2026. This decision is part of the alliance’s ongoing efforts to stabilize global oil markets amidst various challenges.
According to Kuwait News Agency, the member states plan to maintain voluntary reductions of 2.2 million barrels per day until the end of March 2025. A gradual reduction will begin in April 2025 and conclude in September 2026. Key countries, including Saudi Arabia, Russia, the UAE, and Kuwait, have agreed to extend additional reductions of 1.65 million barrels per day, initially established in April 2023, until December 2026. The meeting involved eight nations: Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, all of which reaffirmed their commitment to these voluntary reductions.
The alliance emphasized a cautious and proactive approach to ensure market stability, addressing pressures from weak global demand and increased pro
duction by non-member countries. It reaffirmed commitments to earlier agreements, including the “Declaration of Cooperation” from December 2016 and the “Cooperation Charter” from July 2019. The Joint Ministerial Monitoring Committee was noted for its role in overseeing market developments and compliance, with expanded authority to call extraordinary meetings if necessary. Ministers expressed gratitude to Saudi Arabia for fostering consensus and promoting market stability. The 39th OPEC+ Ministerial Meeting is scheduled for May 28, 2025, to review market conditions and adjust production policies accordingly.