3 sources·Business

OPEC+ Extends Production Cuts Amid Global Oil Market Challenges

OPEC+ agrees to maintain production cuts until 2026, citing weakening demand and potential supply issues from geopolitical tensions.

The distribution of story sources: left-leaning (blue), center (light gray), and right-leaning (red).
Mostly Reliable
The underlying sources are generally reliable but sometimes include opinion, propaganda, or minor inaccuracies.
Balanced
The underlying sources are either a balanced mix of left and right or primarily centrist.
Subscribe to unlock this story

We really don't like cutting you off, but you've reached your monthly limit. At just $3/month or $30/year, subscriptions are how we keep this project going. Start your free 7-day trial today!

Get Started

No highlights available for this story.

Updated: Dec 5th, 2024, 2:58 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

OPEC+ has decided to extend its voluntary crude production cuts of 2.2 million barrels per day until the end of March 2025, followed by a gradual phase-out by September 2026. The decision is driven by concerns over global demand, particularly from China, and the complexities of potential U.S. sanctions under President-elect Donald Trump affecting oil production in Iran and Venezuela. The extended cuts come in the face of rising U.S. production, which could impact global oil prices and market stability.

Perspectives

Compare opinions on this story from liberal (Left), conservative (Right) or center-leaning news organizations.

No center-leaning sources available for this story.

OPEC+ Extends Production Cuts Amid Global Oil Market Challenges - Pano News