OPEC+ to Continue Voluntary Oil Production Cuts in Q1 2025

OPEC+ countries have decided to continue voluntary production cuts of 2.2 million barrels per day in the first quarter of 2025 in order to stabilize the oil market. According to the updated oil production restoration schedule published on the OPEC website, these cuts will end in April 2025, and production increases will begin.

Since the beginning of 2024, only eight OPEC+ countries have participated in these cuts: Russia, Saudi Arabia, Algeria, Iraq, Kazakhstan, Kuwait, the United Arab Emirates, and Oman. The countries had planned to lift the restrictions and increase production by October 2024, but this timeline was postponed until the end of the first quarter of 2025 during the last OPEC+ meeting.

The oil production increase schedule has been updated. According to the new oil production restoration program announced by OPEC+, production increases will be implemented gradually starting in April 2025 until the end of September 2026. However, it was noted that this program could be flexibly re-evaluated based on the state of the oil market.

In addition, the eight OPEC+ countries plan to voluntarily reduce their production by an additional 1.65 million barrels per day until the end of 2026. These cuts aim to ensure price stability in the global oil market and maintain the balance between supply and demand.