Oil cartel will pump 818,000 b/d less than expected in 2025
Oil producer group Opec+ on Thursday significantly scaled back its plans for production in 2025 in an effort to support prices. The group, led by Saudi Arabia and Russia, said it would push back a plan to start gradually reintroducing 2.2mn barrels a day of crude until next April and would also extend to 18 months the period over which the increase would take place. The cartel had previously said it would start to reintroduce the oil from January.
Opec’s move comes with oil having slid by nearly 11 per cent since just before its June meeting, when it had said it would gradually start unwinding the 2.2mn of voluntary cuts from September. “We believe this is a very bullish deal as it removes the bulk of the crude oversupply for the next year,” said Amrita Sen, founder of the research consultancy Energy Aspects. “But the market believes Trump wants low oil prices and hence remains bearish.
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