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    OPEC plans less oil production in 2024

    Planned production of around 40 million barrels of oil per day

    Marcus Stuart (MS)May 11, 2025


    The expanded Organization of Petroleum Exporting Countries (OPEC+) decided at a meeting in Vienna to produce less oil in the coming year. The oil cartel had already announced in April that it would cut production, but this had little impact on the oil price.

    According to its own statements, OPEC+ plans to produce around 40 million barrels of oil per day next year. According to calculations by the Russian agency Tass, this means a cut in total OPEC+ production of 1.39 million barrels per day, or about 3.4 percent.

    The decision by the alliance's 23 member states was preceded by hours of tough negotiations in Vienna. In the run-up, Saudi Arabia had mainly fuelled speculation that a further production limit could be decided. Russia, on the other hand, signaled that no additional action was needed.

    The meeting of oil-producing countries is not expected to lead to a further cut in output.

    The countries had already agreed to cap production by two million barrels per day in October 2022. In April, due to the deteriorating economic outlook and falling oil prices, several OPEC+ members had surprisingly agreed to additional cuts of 1.66 million barrels per day starting in May, which will initially apply until the end of the year.

    Apart from a brief rise in April, the oil price has been falling for about a year. While in mid-2022 a barrel of OPEC oil still cost around $115 (about 107 euros), the price is currently around $75 (about 70 euros).

    OPEC+, consisting of the Organization of Petroleum Exporting Countries (OPEC) and other producers such as Russia, covers around 40 percent of the world's oil supply.

    Several OPEC countries have also decided to extend or renew their voluntary production cuts. Saudi Arabia has announced a voluntary reduction in oil production of one million barrels per day for July, which could also be extended in time.

    Russia also plans to reduce output by half a million barrels a day by the end of 2024, according to Reuters news agency. Iraq intends to reduce production by 211,000 barrels per day.

    ÖlOPEC+Ölpreis




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