Oil Production Cuts 2025. Opec+ has extended its production cuts until the end of 2026, delaying the planned increase in supply and putting downward pressure on oil prices. On sunday, opec+ agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025 and prolong the cuts of 2.2 million bpd by three months until the end of september 2024.

The opec+ alliance decided to hold steady its production levels, which include collective cuts of 2 million barrels per day, through dec. The organization of the petroleum exporting countries (opec) and its allies, known as opec+, have agreed to maintain oil output reductions until 2025, reported reuters.