OPEC extends oil production cuts until the end of 2025, aiming to stabilize crude prices and balance market demands in the face of U.S. crude production growth and weak demand concerns.
The OPEC alliance, which includes Saudi Arabia and Russia , two of the world’s Top 3 oil producing countries, met in Riyadh, Saudi Arabia at the 37th OPEC and non-OPEC Ministerial Meeting. The group reaffirmed their commitment to the Declaration of Cooperation DoC and extended oil production levels until the end of 2025. They will continue using independent sources to guide 2026 production levels. Although the decision extends voluntary production cuts of 2.
The importance of full conformity to production agreements was emphasized, and the next OPEC and non-OPEC Ministerial Meeting is scheduled for December 1, 2024. Although OPEC cuts and Middle Eastern tensions reduced global crude supply by nearly 6%, oil prices have dropped roughly 10% since peaking in early April. Brent crude, the global benchmark, has fallen from $91 in April to $82 per barrel, while West Texas Intermediate WTI dropped from nearly $87 to $78.
Oil Production Cuts Saudi Arabia Russia Crude Prices Market Stability Oil Market Brent Crude West Texas Intermediate Global Economy
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC's Oil Production Rises as Iraq Continues to OverproduceOPEC's crude oil production climbed in May compared to April as Iraq continued to overproduce.
Read more »
EIA U.S. Crude Oil Production to Average 13.2 million bpd in 2024The EIA expects U.S. crude oil production to average 13.2 million barrels per day b/d in 2024an increase of 2% from 2023 levels
Read more »
OPEC Remains Optimistic About Global Oil Demand GrowthOPEC sees robust oil demand growth both this year and next thanks to a resilient global economy and the possible easing of monetary policies.
Read more »
OPEC's Oil Production Drops Ahead of Key Policy MeetingOPEC's oil production declined by 48,000 barrels per day from March to April, just ahead of the meeting at which OPEC will decide on its production levels.
Read more »
OPEC's Oil Production Edged Higher Ahead of Key Policy MeetingOPEC's crude oil production rose by 29,000 barrels per day bpd in May compared to April as the OPEC group headed for the crucial June 2 meeting to decide output policy for the rest of the year.
Read more »
Russia Says it Continues to Cut Oil Production under OPEC DealRussia continued to cut its oil production in May per the OPEC agreements, Russian Deputy Prime Minister Alexander Novak said on Thursday
Read more »