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OPEC+ Agree Multi-Layered Production Cut Extension Until 2025

OIL

OPEC+ agreed a multi layered deal on Sunday to extend all of its existing production cuts until 2025.

  • The first extends the groups formal crude production targets until the end of next year – worth around 2mn bpd and agreed in October 2022.
  • The second covers the 1.66mn bpd of voluntary cuts agreed by nine of the groups members in the first half of 2023 – due to run out this year but also extended until the end of 2025.
  • The third is related to the 2.2mn bpd of voluntary cuts announced between June and November last year, due to run out at the end of this month – prolonged until the end of September and then staged over a 12-month period.
  • The third set is still open for change the group said.
  • "We maintain the choice that we could pause or could reverse. This is not new, we've been doing it over the last three years and I think it has proven to be effective," Saudi energy minister Prince Abdulaziz bin Salman said.
  • The widely expected move leaves crude trading flat on Monday.
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