Opec+ members have agreed to extend deep cuts in oil production, in some cases to the end of 2025, as they battle to shore up prices amid weak global demand and increased supply from other parts of the world.
After virtual and in-person meetings on Sunday the cartel conceded that it had no room yet to change stance on output cuts that began in November 2022, pledging to keep more than 3mn barrels of crude off the market until the end of next year.
The group will only bring back a small proportion of its curbed production this year, after eight members, including Saudi Arabia, Russia, Iraq and the United Arab Emirates, agreed to begin unwinding some so-called “voluntary” cuts from October.
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