31 May 2024
OPEC+ is negotiating a complex deal to extend its current oil production cuts into 2025, sources revealed. The group, led by Saudi Arabia and Russia, has been reducing output by 5.86 million barrels per day since late 2022 to counter increased production from non-members like the U.S. and address demand concerns amid high global interest rates. The ongoing cuts include 3.66 million bpd by OPEC+ members through 2024 and 2.2 million bpd of voluntary cuts expiring in June. The new deal may extend these cuts into 2025 and late 2024, respectively.