OPEC and Russia maintain production quotas to support oil prices

OPEC and Russia have revised downwards their production programme for 2025 in a bid to support oil prices. The producing countries had initially planned to increase production from January 2025. Today's decision means that production will not be increased until April, and that the equivalent of 2.2 million barrels per day will only be gradually released onto the market between April 2025 and October 2026. As a result, expected OPEC+ production in 2025 will be 800,000 barrels per day lower than forecast before the meeting.