MOSCOW, December 5. /TASS/. OPEC+ member-countries made a decision in conclusion of the ministerial meeting to extend oil production quotas agreed for 2025 to 2026, according to the statement posted on the OPEC website.

Countries also extended existing voluntary production cuts. Voluntary oil production lowering by 2.2 mln barrels per day followed by eight OPEC+ member-nations are extended until the end of the first quarter of 2025. OPEC+ countries should then start restoring production, which will continue until the end of September 2026.

Oil production restrictions by 1.65 mln barrels per day expected to end at the turn of 2025 were extended until the end of 2026. The next OPEC+ ministerial meeting is scheduled for May 28, 2025.