What OPEC+ oil output cuts are currently in place?

By Alex Lawler, Ahmad Ghaddar and Yousef Saba

LONDON (Reuters) - OPEC+ oil producers agreed a complex deal on Sunday to extend their deep production cuts well into 2025.

Below is an explainer on how the latest cuts from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, work:

OPEC+ members are currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand.

Those include three tranches:

1. 2.00 million bpd by all OPEC+ members - extended on June 2 by one year until the end of 2025 from the end of 2024.

2. 1.66 million bpd of voluntary cuts by nine members (Algeria, Gabon, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates) - extended on June 2 by one year until the end of 2025 from the end of 2024.

3. 2.20 million bpd of voluntary cuts by eight members (Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates) - extended on June 2 by three months to the end of September 2024 from the end of June 2024.

OPEC will spend one year on gradually phasing out the third tranche of cuts of 2.2 million bpd starting from October 2024 until the end of September 2025.

That means the group will curtail production by 5.86 million bpd until the end of September 2024 and gradually add barrels to the market to reach cuts of around 3.66 million bpd by October 2025.

Absolute figures will differ after OPEC on Sunday allowed a bigger 2025 oil production target for the United Arab Emirates, permitting the country to raise output by 0.3 million bpd.

The following table shows OPEC+ pledged cuts and production targets for the first three quarters of 2024 in millions of barrels per day, based on information from OPEC, individual nations and Reuters calculations.

Totals are rounded.

Actual output

Country Q1-Q3 2024 Implied Productio (April

voluntary Q1-Q3 2024 n target 2024)**

cuts pledged target for Oct

2024*

0.91

Algeria 0.051 0.908 0.912

Congo

0.000 0.277 0.277 0.26

0.05

Equatorial Guinea 0.000 0.070 0.070

Gabon 0.21

0.000 0.169 0.169

Iraq 4.24

0.220 4.009 4.018

Kuwait 2.49

0.135 2.413 2.424

Nigeria 0.000 1.500 1.500 1.28

Saudi 9.03

Arabia 1.000 8.978 9.061

UAE 3.15

0.163 2.912 2.926

0.48

Azerbaijan 0.000 0.551 0.551

1.59

Kazakhstan 0.082 1.468 1.475

Mexico 1.6

0.000 1.753 1.753

Oman 0.76

0.042 0.759 0.763

9.3

Russia*** 0.500 8.949 9.017

0 0.73

Bahrain**** 0.196 0.196

Brunei 0

0.083 0.083

0

Malaysia 0.401 0.401

South 0

Sudan 0.124 0.124

Sudan 0

0.064 0.064

Total 21.62

OPEC-9 1.569 21.236 21.357

Total 14.46

Non-OPEC 0.624 14.348 14.427

Total

OPEC+ 2.2 35.60 35.784 36.08

* Output targets for Algeria, Iraq, Kuwait, Saudi Arabia, the UAE, Kazakhstan, Oman and Russia to begin gradually rising each month from October 2024 until September 2025

** International Energy Agency figures excluding OPEC members Iran, Libya and Venezuela which are exempt from making cuts

***Russia initially promised to deepen cuts to 500,000 bpd of oil and oil product exports in the first quarter 2024. In March, Russia said it would cut 471,000 bpd from production and exports in April – June. The table is calculated using the initial figure.

**** Figure is total for Bahrain, Brunei, Malaysia, Sudan and South Sudan

HOW WILL THE AGREEMENT AFFECT OPEC+ OUTPUT AFTER OCTOBER 2024?

OPEC issued a table showing how the phasing out of the 2.2 million bpd of voluntary cuts by eight countries will affect output from October 2024. Output for the other members will remain as listed in the above table through end-2025.

(Editing by Dmitry Zhdannikov and Susan Fenton)