5.86 Million bpd Output Cut: OPEC+ Extends Oil Reductions to 2025 Amid Slow Demand Growth

OPEC+ extends oil output cuts until 2025 to stabilize the market delays capacity talks and remains flexible based on market conditions.

OPEC+ Extends Oil Output Cuts Until 2025 Amid Slow Demand Growth and Low Prices

OPEC+ is extending oil output cuts until 2025 to balance the market due to slow demand and low prices. Current cuts of 5.86 million barrels per day will continue until then. This aims to counter high interest rates and rising U.S. oil production, according to the report of Reuters..

OPEC+ reassured against premature oil additions amid uncertain demand. Prince Abdulaziz confirmed readiness to adjust cuts for market stability. Analysts expected extended cuts due to low prices and demand. Setting 2025 targets was delayed to November 2025, with a new UAE output target set for now.

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OPEC+ Postpones Capacity Discussions, Eases Tensions Amid Geopolitical Challenges

OPEC+ postponed capacity talks to 2026, easing immediate tensions and allowing time for independent data review. Sunday’s four-hour meeting, led by Prince Abdulaziz, showed thorough preparation and a focus on market stability. Extending output cuts demonstrates group unity and supports Saudi Arabia’s economic diversification, including the upcoming Aramco share listing. OPEC+ will review market conditions on December 1, 2024, to adjust strategies as needed.

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