The Organization of the Petroleum Exporting Countries (OPEC+) has agreed to extend oil production cuts until 2025, according to Reuters.
Today, the OPEC+ states are reducing their oil production by a total of 5.86 million barrels per day, which is approximately 5.7% of global demand.
This includes a 3.66 million barrels per day cut that was supposed to expire at the end of 2024 and voluntary cuts by 8 OPEC+ members of 2.2 million barrels per day that expire at the end of June 2024.
One of the OPEC+ delegates told Reuters that at a meeting on Sunday, June 2, the organization's countries decided to extend the cut by 3.66 million barrels per day until the end of 2025 and to extend the cut by 2.2 million barrels per day for another three months - until the end of September 2024.
In early May, global oil prices jumped after Israel struck Rafah in the Gaza Strip.
