OPEC+ Works on Output Cut Accord That May Stretch Into 2025
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OPEC+ is pressing on with informal talks aimed at finalizing an agreement on oil output cuts this weekend, officials said.
Saudi Arabia and its partners are discussing whether to prolong roughly 2 million barrels a day of production curbs into the second half of the year, with the accord to be completed at an online gathering June 2, according to the delegates. They’re considering the possibility of extending some restraints into 2025, they said, asking not to be identified because the talks are private.
The Organization of Petroleum Exporting Countries and its partners have reduced supply to stave off a surplus threatened by resurgent U.S. shale supplies, seeking to shore up oil prices. Oil traders and analysts widely expect an extension, possibly to the end of this year.
OPEC+ also will need to grapple with what to do in 2025. The group is reviewing production capacity levels for members, and some — like the United Arab Emirates and Kazakhstan — could have the ability to pump more next year.
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