Brent crude oil price data from financial markets or sources like Bloomberg or Reuters

OPEC+ Delays December Oil Output Increase by One Month in Second Postponement

Nov 3, 2024, 03:53 PM

OPEC+ has reached an agreement to delay the planned December oil output increase by one month. This decision comes in response to weak oil prices and a fragile economic outlook. The delay extends the voluntary production cuts of 2.2 million barrels per day by countries including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman until the end of December 2024. This move marks the second postponement of the output hike, initially postponed from September to December. The agreement aims to support oil prices, which have been under pressure due to uncertainty from the Chinese economy and other global factors.