Opec Extends Production Guidance To 2026 As It Announces Taper Roadmap
For the second year in a row, the Opec+ June meeting has yielded a supply agreement broader in scope than the pre-meeting expectation. While the production roadmap can be adjusted according to market conditions, the deal serves two crucial purposes: the tapering of voluntary cuts shows that Opec+ remains committed to reclaiming market share, while the extension of production guidance to end-2025 demonstrates that the group’s leadership continues to prioritize market-management.
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Tables
Opec+ Sets Out New Production Levels Out To End-2025^ (‘000 b/d)
Charts
1: The Gradual Tapering Of Opec+ Voluntary Production Cuts From October 2024 (mn b/d)
2: Opec+: Who Holds Spare Capacity? Member State Allocations V Capacity* ('000 b/d)
3: Opec+ To Add 2.46mn B/D By September 2025 Through Unwinding Of Voluntary Cuts And UAE Uplift Under June 2024 Roadmap (mn b/d)
4: UAE Crude Oil Production Set To Surge 290,000 B/D For 2025 Following June’s Opec+ Deal (mn b/d)
5: Saudi 2024 Crude Output Set For 14-Year Low Even If Cuts Taper From October (‘000 b/d)
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