On Sunday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, decided to maintain the production quotas for its members in 2025, extending the current output cuts.
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Following a virtual meeting of OPEC+ oil ministers, OPEC said in a statement that "the level of overall crude oil production" for OPEC+ countries will be extended to the whole year of 2025.
The production quotas for OPEC+ countries next year will remain largely the same as this year except for the United Arab Emirates.
The country's production cap will be raised by 300,000 barrels per day (bpd) to reach 3.519 million bpd, with the increase "phased in gradually starting January 2025 until the end of September 2025."
The decision, which includes an adjustment of the 300,000 barrels daily allowance of the United Arab Emirates production, sets a maximum limit of 39.72 mbd for the bombing of 19 out of 22 OPEC countries.
This limit does not include additional and volunteer records already applied since November 2023 by Saudi Arabia, Russia, Iraq, Kazakhstan, United Arab Emirates, Kuwait, Oman and Argentina.
"These countries will continue to implement their voluntary additional quotas of 2.2 Mb, announced in November 2023, until the end of September 2024. Now, the 2.2 Mb quota will be gradually eliminated in monthly format until the end of September 2025", said OPEC, an alliance which is responsible for around 40 percent of the global crude oil supply.