OPEC+ has made the decision to postpone the planned increase in oil production until April 2025 due to weak global demand.

The delay affects eight members of the alliance, who will postpone the unwinding of a voluntary output cut of 2.2 million barrels per day, which was originally scheduled to begin in December.

The broader coalition will maintain a combined production limit of 39.725 million barrels per day into the next year.

Despite ongoing production cuts and geopolitical tensions in the Middle East, global oil prices have remained relatively low due to a lackluster demand outlook.

The situation is further complicated by the expected return of President-elect Donald Trump to the White House, as he has campaigned on promises to increase output from the United States, the world's largest oil producer.