OPEC decided to extend its production cuts until the end of 2025 as the group waits for interest rates to come down and for strong economic growth to return.
OPEC and its partners in OPEC this weekend decided to extend their production cuts, including both voluntary and group-wide cuts, until 2025. Energy Intelligence’s Amena Bakr reported that the voluntary cuts specifically would be extended until the third quarter of 2024, after which the countries currently cutting would begin to bring back production if the market conditions are right. “We are waiting for interest rates to come down and a better trajectory when it comes to economic growth ...
The OPEC member has been grumbling against the production cuts so the rest of the cartel raised its production baseline by 300,000 bpd at this weekend’s meeting. However, “The deal should allay market fears of OPEC adding back barrels at a time when demand concerns are still rife,” Energy Aspects’ Amrita Sen told Reuters.
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