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.

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 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 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 ...

2 days OPEC Reports a Global Oil Production Decline in 2024. ... OPEC+ Delays Output Increase to April 2025, Extends Cuts Into 2026 By Tsvetana Paraskova - Dec 05, 2024, 6:59 AM CST.

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 ...

Energy & Oil 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 ...

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 ...

Home; Industry; Energy; OPEC+ delays oil output hike until April, extends cuts into 2026. The group agreed to allow the UAE to raise output by 300,000 bpd gradually from April until the end of ...