OPEC has extended its production cuts until the end of 2026, delaying the planned increase in supply and putting downward pressure on oil prices.
The OPEC producers who are reducing output by 2.2 million barrels per day bpd have decided to delay the beginning of the gradual easing of the cuts to April 2025, OPEC delegates told Argus on Thursday as the ministers were holding their online video conference. The alliance has also decided to extend the collective group cut by one year until the end of 2026, Amena Bakr, Senior Research Analyst at Energy Intelligence, reported while the meeting was ongoing, citing delegates.
Now the alliance is not only pushing back the beginning of the supply additions by three months, but it is also giving another year for the full unwinding of the restrictions. The three-month delay to the supply additions was largely expected by the market and probably already priced in.
Oil Prices Production Cuts Crude Oil Brent WTI Supply Demand Energy Market
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