OPEC+ Extends Production Quotas as UAE Targets 3.5 Million Barrels Daily

OPEC+ ministers reached an agreement on Thursday to increase oil production quotas through 2025, extending the framework for voluntary cuts while avoiding any formal discussion regarding the United Arab Emirates’ reported internal deliberations over its membership in the alliance. \n\n Production Quotas and Extensions \n The group announced it will gradually phase out 2.2 million barrels per day (bpd) of voluntary cuts starting in early 2025, a delay from previous plans to begin the rollback in late 2024. Total group production targets have been formalized through December 2025, providing the energy markets with a long-term roadmap intended to stabilize crude prices amid fluctuating global demand. \n\n The alliance confirmed that the UAE’s individual production quota will rise to 3.519 million bpd by the end of next year. This adjustment follows a period of protracted negotiations where Abu Dhabi sought a baseline that more accurately represents its expanded daily production capacity, which currently stands near 4.5 million bpd. \n\n UAE Position and Market Stability \n Despite recent international media speculation suggesting the UAE has considered its long-term future within…