Oil prices saw an increase as OPEC+ members, such as Saudi Arabia and Russia, announced a postponement in raising crude production.

The coalition will continue voluntary production cuts of 2.2 million barrels per day until the end of March 2025, with a gradual phase-out planned until September 2026.

Additionally, an additional round of cuts totaling 1.65 million barrels per day will remain in effect until December 2026 to support market stability.

However, OPEC+ faces challenges in reintroducing barrels to the global market due to weak demand in China and high production levels in the U.S.

The International Energy Agency has warned that global supply could exceed demand by 1 million barrels per day next year, even if the current OPEC+ cuts are maintained.