OPEC+ Delays Oil Output Hike Until April, Extends Cuts Into 2026

December 05, 2024, 09.42 PM | Source: Reuters

ILUSTRASI. EC+ on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group. REUTERS/Dado Ruvic/Illustration

OIL PRICE - LONDON/MOSCOW/DUBAI. OPEC+ on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026 due to weak demand and booming production outside the group.

OPEC+, which pumps about half the world's oil, had been planning to start unwinding cuts from October 2024 but a slowdown in global demand and rising output elsewhere forced it to postpone the plans on several occasions.

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