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Market
Country with largest increase in oil production by December 2024?
2
Resolution / Starting Odds
Saudi Arabia • 25%
Russia • 25%
UAE • 25%
Other • 25%
Official production reports from OPEC+ or major news outlets
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OPEC+ Agrees to Delay December Oil Output Increase by One Month, Extending 2.2 mbd Adjustments Until December 2024
Nov 3, 2024, 03:26 PM
OPEC+ has reached an agreement to delay its planned increase in oil output for December by one month. This decision comes amid ongoing discussions among delegates regarding the state of the oil market and the impact of lower oil prices. Key members of OPEC+, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, are extending their voluntary adjustments of 2.2 million barrels per day (mbd) until the end of December 2024. The agreement reflects OPEC+'s strategy to manage production levels in response to market conditions, with implications for global oil supply and pricing.
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