With Oil Prices Weak, OPEC+ Postpones Increases Again

Published On Nov 3, 2024, 1:30 PM

Saudi Arabia and OPEC Plus have decided to delay increasing oil production until the end of December to avoid market instability ahead of the U.S. presidential election. Despite initial plans to raise output by 2.2 million barrels per day, concerns about oil prices falling and easing geopolitical tensions have influenced their decision. Oil prices have recently dropped to around $73 per barrel, down from a peak of over $80 due to concerns about the Israel-Hamas conflict.