OPEC+ extended oil production quotas until 2024

The OPEC+ organization has decided to extend the current oil production quotas until the end of 2024. This was reported by Zamin.uz.

This decision was announced on the organization's official website. It was approved during the meeting of OPEC member states on November 30.

According to the organization's representatives, issues related to oil production quotas are reviewed twice a month at committee meetings. The organization's statement noted that eight participating countries may partially or fully restore oil production by 1.65 million barrels per day.

This decision is implemented based on market conditions and needs. According to data, the total hydrocarbon production this year amounts to 39.7 million barrels per day.

According to OPEC+ calculations, by 2030, the global oil trade volume is expected to reach 61 million barrels per day. Last year, this figure was 55 million barrels.

Hydrocarbon exports from Middle Eastern countries are forecasted to increase to 23.5 million barrels per day. The main oil buyers are said to be countries in the Asia-Pacific region.