OPEC Plus Delays Plan to Increase Oil Output

Published On Sep 5, 2024, 3:16 PM

OPEC Plus, led by Saudi Arabia, has announced a delay in its plans to increase oil production cuts until at least December. This decision comes in response to falling oil prices caused by weak demand, notably from China, and anticipated increased production from non-OPEC countries like the US. Currently, OPEC is withholding about five million barrels a day from the market to prevent an oversupply, which could lower prices further. While the delay aims to stabilize prices, concerns remain regarding unity among OPEC members, as some countries are pushing for higher output to accommodate new oil fields being developed with foreign investment.