What OPEC+ oil production cuts are currently in effect?

OPEC+ made further changes at its meeting on Dec. 5, delaying a planned production increase further into the next year, as it faced a weaker outlook for oil demand.

Due to weak demand and increased production outside of the group, the oil producer group pushed the start of rising oil output back by three months. The full unwinding will now take place until the end 2026.

Here is a short explanation of how the Organization of Petroleum Exporting Countries (OPEC+) and its allies have reduced their emissions.

OPEC+ is currently cutting production by a total amount of 5,85 million barrels per daily (bpd), which is about 5.7% global demand.

Three tranches are included:

1. All OPEC+ Members will now be able to produce 2.00 million bpd. This was originally set at the end 2025, but it has been extended by an additional year on December 5, 2026.

2. Eight members (Algeria Iraq Kazakhstan Kuwait Oman Russia Saudi Arabia United Arab Emirates and United Arab Emirates) have agreed to cut 1.65 million barrels per day. This was extended by a year on December 5, 2026, from 2025. The deal was first announced in 2023 and total cuts were 1,66 million bpd.

3. Eight members (Algeria Iraq Kazakhstan Kuwait Oman Russia Saudi Arabia and United Arab Emirates) have agreed to voluntary cuts of 2.20 million bpd. This was extended by three months on December 5th, from the end in December 2024, until the end of March 2020.

4. The United Arab Emirates were granted a higher production rate under the agreement of Dec. 5, allowing them to increase their output gradually by 300,000 BPD over a period beginning April 2025 - three months later than originally planned - until the end September 2026.

How will the agreement affect OPEC+ output after March 2025?

OPEC+ released a table (reproduced below) showing how the phasing-out of the 2.2 millions bpd voluntary cuts by eight nations and the UAE's increase will impact output starting April 2025. The output of the other OPEC+ countries will remain constant until end-2026.

(source: Reuters)