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OPEC+ Reportedly May Extend Oil Production Cuts to End of 1Q25
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OPEC+ may extend the latest round of oil production cuts to the end of 1Q25 during the meeting this Thursday (5th) to further support the oil market, Reuters reported, citing sources. OPEC+ controls about half of the world's oil production and has been gradually aiming to lift the cuts. However, a slowdown in global demand and rising production outside of the group have heaped pressure on oil prices. OPEC+ member countries have collectively reduced production by 5.86 million barrels per day since 2022, accounting for about 5.7% of global demand. Among the eight OPEC+ member countries, an increase of 180,000 barrels per day was originally scheduled for January 2025, but it has yet to be realized. AAStocks Financial News |
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