{
Organization of the Petroleum Exporting Countries (OPEC)

Companies

}

OPEC Plus Delays Production Increase as Oil Prices Rise Amid Market Pressures

Oil prices increased as OPEC+ decided to delay production increases, with U.S. crude rising to $69.04 per barrel and Brent crude to $72.77. The group, led by Saudi Arabia and Russia, will maintain voluntary cuts of 2.2 million barrels per day until March 2025, gradually phasing them out by September 2026 to ensure market stability. Despite these measures, the International Energy Agency warns that global supply may outstrip demand by 1 million barrels per day next year.
CNBC
United States Dollar Organization of the Petroleum Exporting Countries (OPEC) AZE SAU
Finance & Economy, Market Report
14:30 05.12.2024

OPEC Plus Delays Oil Production Increase Until April 2025 Amid Demand Concerns

OPEC+ members have decided to delay the unwinding of a 2.2-million-barrels-per-day output cut until April 2025, citing a weak global demand outlook. This postponement follows a previous plan to begin phasing out the cut in December, while the broader coalition continues to restrict production to 39.725 million bpd. Despite these measures and ongoing geopolitical tensions, global oil prices remain subdued.
CNBC
Organization of the Petroleum Exporting Countries (OPEC) AZE
Finance & Economy, News Article
13:34 05.12.2024
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