Highlights of the OPEC + meeting - extension of production cuts and increase in production quotas for the UAE

< br > < b > Production target: < br > < span class = "section-news" > 1. OPEC + statement shows that OPEC + will achieve 39.725 million barrels per day of production in 2025. < br > < span class = "section-news" > 2. OPEC + agreed to increase the UAE's production quota in 2025 from the current 2.90 million barrels per day to 3.519 million barrels per day. (The UAE and Saudi Arabia have previously had a fierce conflict over crude oil production quotas) < br > < b > Production reduction measures: < br > < span class = "section-news" > 1. OPEC + extends the "collective production reduction measures" (2 million barrels/day) until the end of 2025. < br > < span class = "section-news" > 2. It has been formally agreed to extend the "voluntary production reduction measures" (2.20 million barrels/day) until the end of September 2024. But the voluntary production reduction measures of 2.20 million barrels per day are planned to be phased out between October 2024 and September 2025. < br > < span class = "section-news" > 3. OPEC + "compensatory production reduction measures" (about 1.66 million barrels/day) will remain in effect throughout 2025. < br > < b > Post-meeting statement: < br > < span class = "section-news" > 1. Saudi Energy Ministry: Welcomes the decision of Iraq, Russia and Kazakhstan to recommit to the OPEC production cut agreement and resubmit by the end of June an updated compensation package for their overproduction since the beginning of the year. < br > < span class = "section-news" > 2. Saudi Energy Minister: If necessary, we can pause or reverse our process. OPEC + would be better off being cautious because people see the market differently and economic uncertainty remains. < br > < span class = "section-news" > 3. According to state news agencies, Kuwait welcomes OPEC +'s extension of oil production cuts until the end of 2025, with measures aimed at supporting market stability and balance.