DUBAI, June 2 — Opec+ will likely agree today to prolong its deep oil output cuts into 2024 and possibly 2025, two Opec+ sources said as the group seeks to shore up the market...
Opec will likely agree today to prolong its deep oil output cuts into 2024 and possibly 2025, two Opec sources said as the group seeks to shore up the market amid tepid global demand growth, high interest rates and rising rival US production.
The Organisation of the Petroleum Exporting Countries and allies led by Russia, together known as Opec+, has made a series of deep output cuts since late 2022.Opec+ members are currently cutting output by a total of 5.86 million barrels per day , or about 5.7 per cent of global demand. The deal today could include extending some or all of the cuts of 3.66 million bpd into 2025 and some or all of the voluntary cuts of 2.2 million bpd into the third or fourth quarter of 2024, the two sources said.The countries which have made voluntary cuts that are deeper than those agreed with the wider group are Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates.
Opec Oil Prices Oil Supply Oil Output Cuts
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