Key members of OPEC+ alliance are putting off production increases amid slack crude prices
Eight members of the OPEC+ alliance of oil exporting countries have decided to put off increasing 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
FRANKFURT, Germany (AP) — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing 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.
The OPEC+ members decided at an online meeting to postpone production increases that had been scheduled to take effect Jan. 1. The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025.
That process will now be pushed back to April 1, 2025 and production increases will gradually take place over 18 months until October 2026.
OPEC+, which includes Saudi Arabia as the dominant member of the OPEC producers’ cartel, and Russia as the leading non-OPEC member in the 22-country alliance, have imposed several sets of cuts to agreed output to support prices.
