OPEC+ Extends Oil Cuts to Third Quarter, Discusses 2025, Sources Say

OIL AND GAS - LONDON/DUBAI. OPEC+ agreed on Sunday to prolong its deep oil output cuts in 2024 and was discussing extending them into 2025, OPEC+ sources said as the group seeks to shore up the market amid tepid global demand growth, high interest rates and rising rival U.S. production.

Oil prices trade near $80 per barrel, below what many OPEC+ members need to balance their budget. Worries over slow demand growth in top oil importer China have weighed on prices.

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