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OPEC+ decides to put off increasing oil production amid weaker demand
Millennium Post Delhi
|December 06, 2024
OPEC+, an alliance of oil exporting countries, decided Thursday to put off hiking oil production as they face weaker than expected demand and competing production from non-allied countries—factors that could keep oil prices stagnant into next year.
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The OPEC+ members decided at an online meeting to postpone by three months production increases that had been scheduled to take effect January 1. The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025. That process will n
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