MOSCOW, June 2. /TASS/. The OPEC+ countries have agreed upon the extension of the deal throughout 2025, according to the statement of the 37th OPEC and non-OPEC Ministerial Meeting released on Sunday.

According to TASS estimates, oil production in the countries of the alliance will be increased by 300,000 barrels a day in 2025.

OPEC+ oil production quotas for 2024 stood at 39.425 million barrels a day, taking into account Angola’s withdrawal from the alliance. In 2025, production will be 39.725 million barrels a day.

Only the United Arab Emirates (UAE) has been allowed to increase oil production, with the quotas increasing gradually from January to late September 2025. Quotas for all other participants in the deal, including Russia and Saudi Arabia, will remain at the 2024 level.

The OPEC+ nations also extended the assessment period by the three independent sources until late November 2025. This data will be used to set quotas for 2026. The assessment was initially expected to be over by the end of June 2024.

The next OPEC+ ministerial meeting will be held on December 1.