OPEC extends its oil output cuts by one month until the end of December
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Hey there, time traveller!
This article was published 03/11/2024 (661 days ago), so information in it may no longer be current.
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.
No reason was given for the move, which comes ahead of the U.S. presidential election on Tuesday.
In June, OPEC said 2.2 million barrels a day in voluntary cuts were extended until September but would then be gradually reduced month by month until they are eliminated by September 2025. OPEC later extended the cuts until November.
On Sunday, the group, which includes Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, extended the cuts again by one month until the end of December. The announcement was made on the website for the OPEC+ alliance.
Oil prices have been edging down as weak global demand overtakes the risk of a wider war in the Mideast.