Member countries of the oil cartel Opec and its allies have agreed to continue limited oil production through next year, according to a statement from the organization.
As a result, total production from the so-called Opec-plus will be around 39.7 million barrels of crude oil per day in 2025, according to CNBC.
The production target is preliminary and may be adjusted to compensate for Angola's departure from Opec in January.
Opec now has twelve member countries.
Eight of them – Algeria, the United Arab Emirates, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia – are also extending the current option for countries to voluntarily reduce production by a total of 2.2 million barrels per day.
This option is now being extended until September of this year, but will then be phased out over a period of one year, according to AFP.
Production restrictions are a way for Opec to try to influence global oil market prices.
