OPEC+ Extends Oil Production Cuts Through 2026
The oil cartel delays planned output increases to address weak demand and rising competition from non-member producers.
- OPEC+ announced it will postpone planned oil production increases until April 2025, with cuts now extended through the end of 2026.
- The decision reflects concerns over sluggish global demand, particularly from China, and growing supply from countries outside the group like Brazil and Argentina.
- Oil prices have remained relatively stable, trading between $70 and $80 per barrel, as OPEC+ maintains significant production restrictions amounting to 5.86 million barrels per day.
- The United Arab Emirates will be allowed to gradually increase its production quota by 300,000 barrels per day starting in April 2025, extending through September 2026.
- President-elect Donald Trump's plans to boost U.S. oil production could further complicate OPEC+'s efforts to stabilize prices in the face of a well-supplied market.
Markets Insider 
CNBC 
The Globe and Mail 
Semafor 
The Times 
Newsweek 
Washington Examiner 
DER SPIEGEL 
Forbes 
Die Rheinpfalz 
Der Tagesspiegel 
The Seattle Times 
Associated Press 