VIENNA, June 2 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, decided on Sunday to largely maintain the production quotas for its members in 2025, extending the current output cuts.
Following a virtual meeting of OPEC+ oil ministers, OPEC said in a statement that "the level of overall crude oil production" for OPEC+ countries will be extended to the whole year of 2025.
The production quotas for OPEC+ countries next year will remain largely the same as this year except for the United Arab Emirates. The country's production cap will be raised by 300,000 barrels per day (bpd) to reach 3.519 million bpd, with the increase "phased in gradually starting January 2025 until the end of September 2025."
The existing production cuts by OPEC+ will extend at least into the third quarter of this year. ■
