OPEC+ Extends Current Oil Production Quotas Until End of 2026

OPEC+ has announced that current oil production quotas will remain in place until the end of next year. The decision was made during a meeting of OPEC representatives on November 30, according to a statement published on the organisation’s website.

The cartel confirmed that committee meetings on production levels will be held twice a month. Eight member states indicated that 1.65 mln barrels per day could be gradually restored, either partially or fully, depending on evolving market conditions.

RIA Novosti reported that the total production ceiling for the current year stands at over 39.7 mln barrels per day.

OPEC+ projects that global oil trade will reach 61 mln barrels per day by 2030, up from 55 mln barrels last year. Exports from Middle Eastern countries are expected to rise to 23.5 mln barrels daily, with the main buyers coming from the Asia-Pacific region.