OPEC+ Holds Off on Oil Production Boost Amid Price Stagnation
TL;DR Summary
Oil prices increased as OPEC+ decided to delay planned production increases, maintaining cuts of 2.2 million barrels per day until March 2025, with a gradual phase-out by September 2026. Additional cuts of 1.65 million barrels per day will continue through December 2026. This decision aims to stabilize the market amid challenges like soft demand in China and high U.S. production, despite the International Energy Agency's warning of a potential supply surplus next year.
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