OPEC+ working on complex production cut deal for 2024-2025, sources say

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LONDON, United Kingdom - OPEC + is working on a complex deal to be agreed at its meeting on Sunday that will allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC + discussions said on Thursday. OPEC + has made a series of cuts since late 2022 amid rising output from the United States and other non-members, and worries over demand as major economies grapple with high interest rates.

The extension of some cuts into 2025 will likely be made conditional on OPEC+ agreeing new individual member output capacity figures later in 2024, two of the sources said.OPEC+ is trying to agree new oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation's output target is calculated from its notional capacity.

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