OPEC+ discusses delaying oil output hike for Q1 2025

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OPEC+ discusses postponing its planned rollback of voluntary production cuts for the first quarter of 2025, which was initially set to take effect in January, Reuters reported, citing informed sources.

The sources revealed that OPEC+, which includes OPEC members and allies such as Russia, will conduct further deliberations on voluntary production cuts and other potential options before its ministerial meeting, now rescheduled for December 5.

Among the issues under discussion is the planned increase in oil production by the UAE, agreed upon last June and slated to begin in January.

OPEC+, which accounts for nearly half of the world’s oil supply, had aimed to gradually phase out voluntary production cuts throughout 2025. However, sluggish global demand and increased output from non-member countries have disrupted these targets.

The alliance’s decisions in the upcoming meeting will be closely watched, given their significant impact on global oil markets and pricing trends.