On Sunday, OPEC+ is expected to agree on an extension of its deep oil output cuts into 2024 and possibly 2025. The decision comes as the group works to stabilize the market in the face of sluggish global demand growth, high interest rates, and increased US production. Oil prices are hovering near $80 per barrel, which is below the budget needs of many OPEC+ members. Concerns about slow demand growth in China, the top oil importer, have put pressure on prices, leading oil market analysts to anticipate an extension of cuts to balance supply.
The organization has been implementing significant output cuts since late 2022, with current cuts totaling 5.86 million barrels per day (bpd), equivalent to around 5.7 percent of global demand. This includes 3.66 million bpd by OPEC+ members through the end of 2024, along with 2.2 million bpd of voluntary cuts by certain members expiring at the end of June.
Countries such as Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia
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