Three sources said OPEC+ is developing a complex agreement and will reach an agreement at Sunday's meeting to allow some deep production cuts to be extended until 2025. OPEC+ is currently cutting production by 5.86 million b/d, which is equivalent to about 5.7% of global demand. This production cut includes OPEC+ member countries' production cuts of 3.66 million b/d, valid until the end of 2024, and voluntary production cuts of 2.2 million b/d, which will expire at the end of June. Three people familiar with the matter said that the agreement reached on Sunday may include extending part or all of the 3.66 million b/d production reduction to 2025, and extending part or all of the 2.2 million b/d production reduction to the third or fourth quarter of 2024. The condition for extending partial production cuts to 2025 may be to agree on member countries' production capacity data later in 2024.
欧佩克+正在制定涉及今明两年的复杂减产协议
OPEC+ is developing complex production reduction agreements involving today and next two years
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