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OPEC+ likely to prolong oil cuts until end of 1st quarter
Millennium Post Delhi
|Delhi 04 December 2024
OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the first quarter end, four OPEC+ sources told Reuters, to provide additional support for the oil market.
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OPEC+, which pumps about half the world's oil, has been gradually aiming to unwind output cuts through 2025. However, a slowdown in global demand and rising output outside the group pose hurdles to that plan and have weighed on prices. "It is likely that this reduction will be extended for the first quarter," one of the sources said.
This story is from the Delhi 04 December 2024 edition of Millennium Post Delhi.
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