UBS analysts predict that OPEC+ will likely extend its voluntary production cuts beyond December to mitigate potential oversupply and stabilize oil prices. Current market conditions, particularly weak demand from China, suggest that increasing production could push Brent crude prices below $70 per barrel. The IEA anticipates a significant oversupply in 2025, with non-OPEC+ production expected to rise by 1.5 million barrels per day, outpacing global demand growth.
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