OPEC+ Extends Oil Production Cuts Until 2025
OPEC+ has agreed to extend oil output cuts into 2025 amidst sluggish demand, surging U.S. production, and high interest rates. These factors are keeping Brent crude prices near $80 per barrel, a price many OPEC+ members find lower than their needs. The Organisation of the Petroleum Exporting Countries (OPEC) and other oil-producing nations, including Russia, make up OPEC+. The influential group has been reducing oil output to raise prices. Since late 2022, OPEC+ has slashed production by 5.86 million barrels per day, nearly 6% of global demand. The group plans to produce nearly 40 million barrels of crude oil per day next year.
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