OPEC+ Eyes Extended Production Cuts Amid Complex 2024-2025 Deal

OPEC+ is likely to extend its current oil production cuts amid rising summer demand and despite easing Middle East tensions. The group, which includes major oil producers like Saudi Arabia and Russia, is expected to maintain a 2.2 million barrels-per-day reduction into the third quarter. Analysts suggest that while the market has priced in these cuts, any changes could significantly impact oil prices, potentially pushing them closer to $100 per barrel. The coalition is also focusing on ensuring compliance among its members and balancing its relationship with the U.S.