OPEC+ outlines production through 2025, phasing out this year’s cuts and giving an uplift for the UAE

GULF COUNTRIES - Report 03 Jun 2024 by Justin Alexander

* The ministerial meeting was more ambitious than expected after a shift in venue to Riyadh.
* This year’s 2.2m b/d in voluntary cuts by 8 countries will be phased out from Q4-24 to Q3-25.
* The UAE has been allocated an additional 300k b/d that will phase in during 2025.
* A fuller reallocation of quotas based on capacity assessments has been punted until 2026.
* Quotas will otherwise remain at the current levels, although most smaller members are underproducing.
* The oil market had an initially bearish reaction, but we think the cohesion displayed will prove bullish longer term.

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