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.

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Overview

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.

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