The Organization of the Petroleum Exporting Countries (OPEC) has extended the voluntary cuts in oil production agreed since the end of 2022 until 31 December 2025.

The cuts are aimed at "achieving and maintaining a stable oil market", as well as "providing long-term guidance and transparency for the market".

According to Forbes Lusophone Africa, this decision was taken by the ministers responsible for the sector from the 22 countries that make up OPEC during their biannual conference in Saudi Arabia.

Thus, the joint production ceiling is set at 39.72 million barrels per day (mbd), not including the voluntary cuts of eight countries, namely Saudi Arabia, Russia, Iraq, Kazakhstan, the United Arab Emirates, Kuwait, Oman and Algeria.

The source says that the agreement involves a one-year extension of the binding cuts, which were due to expire at the end of 2024, although with some upward adjustments to the quotas of the various partners, following a reassessment of the level of their production capacity.

It's worth remembering that Angola, which is also an oil producer, left the organization a year or so ago and is unlikely to follow the strategy agreed by OPEC.