The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have delayed their planned increase in oil supply, originally expected in October 2024.
According to new data from the organization, an increase in cumulative crude oil production is anticipated.
OPEC+ plans to inject around 180,000 barrels per day (b/d) into the oil market by December 2024. In the meantime, the voluntary production cuts currently implemented by Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman will remain in effect until the end of November.
This decision has not significantly affected the price of Brent crude, the benchmark for global oil prices, which is currently trading at around $73 per barrel, its lowest level since December 2023.
