Saudi Arabia and allied oil producing countries said on Sunday they would postpone a plan to gradually increase oil output until the end of the year, extending their output cuts by one month.

This isn’t the first time OPEC+ has extended output cuts in a bid to boost crude prices. The group in June lengthened the 2.2 million barrels per day cut through the end of September.

Over the weekend, the group announced a larger-than-expected hike of 548,000 bpd for August, the fourth consecutive monthly ...

OPEC+ will maintain collective oil production cuts of 3.65 million bpd through December 2026 to stabilize markets. Additional voluntary cuts of 2.2 million bpd, first introduced in 2023, will ...

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 ...

OPEC agreed Monday to extend by nine months daily oil output cuts aimed at supporting prices and soaking up excess supplies, following last weekend's G20 pact between cartel kingpin Saudi Arabia ...

OPEC Extends Cuts, Oil Market Tightness To Continue Into 2025 Dec. 14, 2024 4:00 AM ET Crude Oil Futures (CL1:COM) , PSCE XOP , XLE , USO , USL , DUG , DIG , OILU , CL1:COM , PSCE 10 Comments 1 Like ...

OPEC+ will accelerate oil output hikes and could bring back to the market as much as 2.2 million barrels per day by November, five OPEC+ sources said as the group's leader Saudi Arabia seeks to ...

OPEC Cuts Oil Demand Outlook Amid U.S. Tariff Hit Despite Output Hike The Vienna-based cartel now expects demand to rise by 1.3 million barrels a day this year and 1.28 million barrels a day the ...

With the additional OPEC+ output, Morgan Stanley raised its expected supply surplus for oil liquids in the second half of this year to 1.1 million barrels a day from 700,000 barrels a day, and for ...

The OPEC bloc of oil-producing nations announced Monday that it will extend oil production cuts through the end of 2024, spurring a 2 percent increase in the price of U.S. benchmark West Texas ...

Despite the group’s supply cuts, global oil benchmark Brent crude has mostly stayed in a $70 to $80 per barrel range this year. On Thursday it traded near $72 a barrel, having hit a 2024 low ...