(Patria) - The Organization of the Petroleum Exporting Countries (OPEC) and its allies have agreed to extend additional daily oil production cuts until the end of next year in an effort to maintain prices.
An OPEC statement said that the oil cartel and its allies decided to extend the oil production level from January 1 to December 31, 2025.
Oil prices on the world market are around $80 per barrel, which is lower than the amount needed by some OPEC members to maintain their budgets.
OPEC and its allies have introduced a series of daily production limits since the end of 2022.
Currently, the production level is reduced by about $5.86 per barrel, or about 5.7 percent of global demand.
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