HomeEconomyOilOpec+ agreed to extend production quotas until 2025

Opec+ agreed to extend production quotas until 2025

The 188th Meeting of the OPEC Conference, the 54th Meeting of the Joint Ministerial Monitoring Committee and the 37th Ministerial Meeting of the OPEC + countries were held.

The member countries of the Organization of Petroleum Exporting Countries (OPEC+) agreed to extend current production quotas until the end of the third quarter of 2025, said Petróleos de Venezuela (PDVSA).

The state-owned company highlighted that the decision was taken in light of the continued commitment “to achieve and sustain a stable oil market and to provide long-term guidance and transparency for the market, and in line with the approach of being cautious, proactive and preventive.” , which has been consistently adopted.”

In this sense, it was agreed to “extend the level of total production of oil of the member and non-member countries of OPEC in the Declaration of Cooperation according to the attached table from January 1, 2025 to December 31, 2025," says the Organization's statement, issued after a meeting of heads of the alliance.

Agreements after Opec + meetings

This weekend the 188th Meeting of the OPEC Conference, the 54th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 37th Ministerial Meeting of OPEC and Non-OPEC countries were held in Vienna, Austria. OPEC, called OPEC+, specified PDVSA in your account on the social network X.

The decisions made at the ministerial meeting include “the extension of the OPEC+ group until the third quarter of 2025,” a source informed the agency. Sputnik after the meetings.

Furthermore, it was agreed that the 38th OPEC and non-OPEC Ministerial Meeting will be held on December 1, 2024.

In the last three years, Opec+ countries have made joint cuts in oil production, with the purpose of stabilizing prices.

The last of these announcements was made in November 2023, in which they decided to voluntarily reduce oil production by a total of 2,2 million b/d until the end of the first quarter of 2024.

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