The OPEC+ alliance, led by Saudi Arabia and Russia, has decided to keep its joint oil supply unchanged, a volume that represents nearly half of global production.
The decision, approved during a teleconference by the energy ministers of the alliance’s 22 “petrostates,” does not include the potential production increases that eight member countries may agree on, as these nations aim to finish returning to the market the barrels they voluntarily withdrew in 2023 and 2024 to support prices.
The binding cuts introduced at the end of 2022 — totaling 2 million barrels per day (mbd) — will remain in place until December 31, 2026, as previously agreed at the last ministerial meeting, the ministers confirmed in their final statement published on the OPEC website.
