OPEC+ Oil Output Cuts Extended Into 2025

by Ship & Bunker News Team
Monday June 3, 2024

The OPEC+ coalition of oil-producing countries has extended most of its output cuts into 2025.

The group came to the decision at a meeting on Sunday, seeking to bring balance to the market in the face of weak demand growth.

The production cuts total 3.66 million b/d, and are now to last until the end of 2025, news agency Reuters reported on Sunday.

Voluntary cuts by eight members totalling 2.2 million b/d have been extended by three months until the end of September 2024. These will be gradually phased out over the course of a year.

ICE Brent crude futures traded at $81.02/bl as of 5:57 AM in London on Monday, down by $0.09/bl from Friday's close.