OPEC+ has agreed to extend a layer of group oil production cuts for the whole of 2025, according to an OPEC statement issued after the group met on Sunday.

A table showed all OPEC countries having the same required production level for 2025 as for 2024, except for the UAE which had its figure increased to 3.519 million barrels per day, up 300,000 bpd.

The UAE increase will be phased in gradually starting January 2025 until the end of September 2025, the statement said.

The required production level is before applying any additional production adjustments, the statement said.
Source: Reuters (Reporting by OPEC Newsroom; Editing by Emelia Sithole-Matarise and Ros Russell)