Oil exporting countries have agreed to continue production restrictions until 2025, according to OPEC. The decision was made at their semi-annual meeting, in light of geopolitical uncertainty and economic challenges reported by news agency AFP.
OPEC+ has been implementing union-wide production cuts of about two million barrels per day since the end of 2022, with the goal of stabilizing oil prices. Some member countries were requested to send representatives to Riyadh, the capital of Saudi Arabia for the meeting.
The meeting was originally planned to take place in Vienna but was changed to a remote meeting due to the current global situation. The United Arab Emirates will also see an increase in its production quota next year, with a rise of 300,000 barrels per day.
OPEC+ is made up of 22 member countries and has been enforcing production limits since the end of 2022. As part of these efforts, OPEC+ countries are collectively reducing oil production by nearly six million barrels per day through both alliance-wide cuts and voluntary additional reductions.
