Official announcements from OPEC or major news outlets covering OPEC+ meetings

OPEC+, Led by Saudi Arabia and Russia, Extends Oil Cuts into 2026

Dec 5, 2024, 01:03 PM

OPEC+ has decided to extend its current oil production cuts into 2026, delaying plans to increase output amid weak demand and increased competition from non-allied countries like Brazil and Argentina. During an online meeting on December 5th, key members including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman agreed to postpone the unwinding of production cuts, originally set to begin in January, with some cuts extended until the end of March 2025 and others until the end of 2026. The voluntary cuts totaling 2.2 million barrels per day are now extended through March 2025, while cuts of 1.65 million barrels per day are extended to the end of 2026. The decision reflects OPEC+'s acceptance that defending oil prices will take longer than expected. Oil prices reacted with slight declines, with WTI settling at $68.30 per barrel on December 5th.