OPEC+ talks about 2025 and extends oil curbs to the third quarter

04 Jun 2024 CW Team

As the organization works to support the market in the face of slowing global demand growth, increasing interest rates, and rising rival U.S. production, OPEC+ decided on Sunday to extend its severe oil output cuts till 2024 and was considering extending them into 2025, according to OPEC+ sources.

A barrel of oil currently trades for about $80, which is less than what many OPEC+ countries require to balance their budgets. The main oil importer, China, is experiencing moderate demand growth, which has put pressure on prices.

Since late 2022, OPEC+?the Organization of the Petroleum Exporting Countries and its allies led by Russia?have implemented a number of significant output reductions.

Members of OPEC+ are now reducing their output by 5.86 million barrels per day (bpd), or roughly 5.7% of the world market.

According to two OPEC+ sources, OPEC+ decided to continue voluntary cuts of 2.2 million bpd through the third quarter of 2024.

The people added that discussions over cuts for 2025 and the fourth quarter are still ongoing. Prior reports cited sources suggesting the group would carry over a portion of the 3.66 million bpd decrease until 2025.

Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates are the nations that have voluntarily made concessions that are more significant than those reached with the larger group.

On Sunday, the group met in person and virtually for a series of discussions that started at roughly 09:30 GMT with a meeting of OPEC ministers alone.

Real Estate

08 Oct 2025

Bennet & Bernard Unveil Dutch-Inspired ‘Casa El Toledo’ in Goa

Bennet & Bernard Group, Goa’s leading luxury real estate developer, has launched its newest project, Casa El Toledo, in Assagao. The enclave features 18 ultra-luxury 4 BHK Dutch-style villas blending European charm with tropical elegance. Each villa includes a private pool, double-height ceilings, open courtyards, alfresco dining areas, and English-inspired landscaping. The interiors are curated by noted Dutch designer Kelly Marie. Reflecting the grandeur of the Dutch Golden Age, Casa El Toledo harmonises heritage aesthetics with modern sensibilities. Expansive interiors flow..

Godrej Delivers Heaviest Ecolaire Surface Condenser to US Project

Godrej Enterprises Group’s Process Equipment business has manufactured and delivered its heaviest Ecolaire® Surface Condenser to date, weighing nearly 450 metric tonnes, for a power-generation project in the United States. The project, powered by natural gas and partly designed for hydrogen compatibility, marks another step in advancing clean energy systems. Produced at the company’s GreenCo-certified Dahej facility in Gujarat, the equipment demonstrates India’s growing engineering capabilities and reinforces Godrej’s ‘Make in India for the World’ vision. Hussain S..

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..