OPEC+ countries reach new agreement on daily oil production

OPEC+ countries have reached an agreement on crude oil production of 39.7 million barrels per day until the end of 2026, Azerbaijan's Energy Minister Parviz Shahbazov said, Report informs.

"The OPEC+ countries reached an agreement on daily production of 39.7 million barrels of crude oil until the end of 2026. During this period, Azerbaijan's production quota will remain unchanged. However, eight countries will continue their additional voluntary commitment of 1.65 million barrels per day announced in April 2023 until December 2026, while the additional voluntary cuts of 2.2 million barrels per day announced in November 2023 will be maintained until the end of March 2025. The cuts of 2.2 million barrels by these countries will be gradually phased out monthly until the end of September 2026. These agreements by OPEC plus are of great significance in ensuring the stability of the global oil market and supporting the sustainable development of the oil industry,"Shahbazov said in a post on X.