OPEC extends oil production cuts into 2025
by ChemOrbis Editorial Team - content@chemorbis.com
According to a press release on the cartel’s website, OPEC will extend voluntary oil production cuts into 2025 to support the market amid weak demand, higher-for-longer interest rates and increasing production from the US.
OPEC agreed to extend the cuts of 3.66 million barrels/day until the end of 2025. Meanwhile, the cartel delayed 2.2 million barrels/day of cuts until the end of September 2024.
The cartel will moderately phase out the cuts of 2.2 million barrels/day over a 12-month period from October 2024 to September 2025.
Oil prices wavered between gains and losses following the news. At the time of publication, crude oil futures rose by 27 cents for both Brent and WTI to trade at $77.26/bbl and $81.38/bbl, respectively during intraday sessions on Monday.
OPEC agreed to extend the cuts of 3.66 million barrels/day until the end of 2025. Meanwhile, the cartel delayed 2.2 million barrels/day of cuts until the end of September 2024.
The cartel will moderately phase out the cuts of 2.2 million barrels/day over a 12-month period from October 2024 to September 2025.
Oil prices wavered between gains and losses following the news. At the time of publication, crude oil futures rose by 27 cents for both Brent and WTI to trade at $77.26/bbl and $81.38/bbl, respectively during intraday sessions on Monday.
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