OPEC+ Likely to Extend Oil Cuts Through 2025 Amid Price Struggles
TL;DR Summary
OPEC+ has decided to extend its significant oil production cuts into 2025 to stabilize the market amid weak demand growth, high interest rates, and increasing U.S. production. The group will gradually phase out some cuts starting in October 2024, while postponing discussions on individual member capacity targets until November 2025. This move aims to address market concerns and maintain solidarity within the group.
Topics:business#businessenergy#economic-growth#global-oil-market#oil-production-cuts#opec#saudi-arabia
- OPEC+ seen prolonging oil cuts in 2024 and into 2025, two sources say Reuters
- Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag The Associated Press
- Crude oil prices today: WTI posts worth month of 2024 CNBC
- OPEC to Meet Amid Signs of Waning Influence on Oil Prices The New York Times
- OPEC+ Has Outline Deal Extending Key Oil Production Cuts Bloomberg
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