# 37th OPEC and non-OPEC Ministerial Meeting  extends level of overall crude oil production until end of 2025 | Emirates News Agency

> The 37th OPEC and non-OPEC Ministerial Meeting in Vienna on June 2, 2024 extended group-wide crude production levels through 2025. It also granted the UAE a higher 2025 reference production level of 3.519 million barrels per day, phased in from January to September 2025. Total OPEC+ cuts were put at 5.86 million barrels per day.

- Date: 2024-06-02 · published 2024-06-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29652-37th-opec-and-non-opec-ministerial-meeting-extends-level-of-overall-crude-oil
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The UAE quota increase adds some future supply, partly offsetting the extended cuts. Overall the decision keeps the market tighter than it would otherwise be, which supports crude prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2024-06-03 | 1 | -2.8% | -3.1 | Reports the June 2 ministerial outcome extending group-wide production levels through 2025 and raising the UAE's 2025 baseline, adding to the perceived supply outlook. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-06-02 | [37th OPEC and non-OPEC Ministerial Meeting Statement](https://feedsoft.ai/events/29651-37th-opec-and-non-opec-ministerial-meeting-statement.md) | -2.0% | +7.9% |
| BRENT | 2024-05-02 | [Oil alliance OPEC+ extends collective crude production cuts into 2025](https://feedsoft.ai/events/29653-oil-alliance-opec-extends-collective-crude-production-cuts-into-2025.md) | -0.6% | -2.2% |
| BRENT | 2024-05-24 | [OPEC+ shifts meeting online as officials anticipate extending oil production cuts](https://feedsoft.ai/events/30159-opec-shifts-meeting-online-as-officials-anticipate-extending-oil-production-cuts.md) | +0.3% | +6.9% |
| BRENT | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.3% | +4.3% |
| BRENT | 2016-12-12 | [OPEC - OPEC and non-OPEC Ministerial Meeting - Europétrole](https://feedsoft.ai/events/73377-opec-opec-and-non-opec-ministerial-meeting-europetrole.md) | +2.7% | +0.3% |
| WTI | 2024-06-02 | [37th OPEC and non-OPEC Ministerial Meeting Statement](https://feedsoft.ai/events/29651-37th-opec-and-non-opec-ministerial-meeting-statement.md) | -1.9% | +8.5% |
| WTI | 2024-05-02 | [Oil alliance OPEC+ extends collective crude production cuts into 2025](https://feedsoft.ai/events/29653-oil-alliance-opec-extends-collective-crude-production-cuts-into-2025.md) | -0.1% | -1.9% |
| WTI | 2024-05-24 | [OPEC+ shifts meeting online as officials anticipate extending oil production cuts](https://feedsoft.ai/events/30159-opec-shifts-meeting-online-as-officials-anticipate-extending-oil-production-cuts.md) | +0.5% | +6.5% |

## Sources

- wam.ae: https://www.wam.ae/en/article/b3goiih-37th-opec-and-non-opec-ministerial-meeting-extends

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.