OPEC+ extends crude oil production levels until 2025, UAE gives new reference level

(MENAFN) In the 37th ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+), participants unanimously approved the extension of the current total production level of crude oil for both member states and non-member countries within the cooperation agreement. This extension, effective from January 1, 2025, until December 31, 2025, aims to maintain stability and sustainability in the oil market.

Furthermore, the meeting saw an agreement to assign the United Arab Emirates (UAE) a new reference production level of 3.51 million barrels per day for the year 2025. This increase will be implemented gradually, commencing from January 2025 and continuing until September 2025. These decisions reflect a cautious and proactive approach adopted by OPEC+ to address market dynamics effectively.

Additionally, the meeting extended the total voluntary reductions adopted by certain member states, amounting to 2.2 million barrels per day, along with the total reductions by OPEC+ members totaling 5.86 million barrels per day, until the end of the upcoming year. The aim is to ensure market stability and provide long-term guidance and transparency to market participants.

In conjunction with these decisions, the Joint Ministerial Monitoring Committee agreed to prolong the evaluation period by three independent sources until the conclusion of November 2025. This extension will serve as a benchmark for reference production levels for the year 2026, aligning with the commitment of OPEC and non-member states in the Declaration of Cooperation.

Furthermore, the committee reaffirmed its commitment to closely monitor market conditions and stand prepared to address any developments promptly. OPEC+ countries remain ready to take additional measures as needed, demonstrating continued coordination and readiness to adapt to evolving market dynamics.

To facilitate regular assessments and discussions, participants agreed to convene ministerial meetings for both OPEC and non-member countries every six months, aligning with the established schedule of regular OPEC conferences. These measures underscore the collective commitment of OPEC+ to maintain stability and resilience in the global oil market. 

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