The Organization of the Petroleum Exporting Countries (OPEC+) has agreed to extend oil production cuts until 2025, according to Reuters. Today, the OPEC+ states are reducing their oil production by a total of 5.86 million barrels per day, which is approximately 5.7% of global demand. This includes a 3.66 million barrels per day cut that was supposed to expire at the end of 2024 and voluntary cuts by 8 OPEC+ members of 2.2 million barrels per day that expire at the end of June 2024. One of the OPEC+ delegates told Reuters that at a meeting on Sunday, June 2, the organization’s countries decided…