Official announcements from Saudi Arabia's Ministry of Energy or OPEC

OPEC+ Agrees to Delay October Oil Output Increase by Two Months, Extends Cuts

Sep 5, 2024, 07:33 AM

OPEC+ has agreed to delay a planned increase in oil output originally scheduled for October by two months. This decision comes after oil prices dropped to their lowest levels in nine months. The group had initially planned to boost production by 180,000 barrels per day. The delay is part of a broader strategy to stabilize the market amid concerns over weak demand and ample supply. Additionally, eight participating countries, including Saudi Arabia, Russia, Iraq, and the United Arab Emirates, have agreed to extend their voluntary production cuts of 2.2 million barrels per day until the end of November 2024.