OPEC+ extends deep oil production cuts into 2025

OPEC+ agreed on Sunday to extend most of its deep oil output cuts well
into 2025 as the group seeks to shore up the market amid tepid demand
growth, high interest rates and rising rival U.S. production.

Brent crude oil prices have been trading near $80 per barrel in recent
days, below what many OPEC+ members need to balance their budgets.
Worries over slow demand growth in top oil importer China have weighed
on prices alongside rising oil stocks in developed economies.

The Organization of the Petroleum Exporting Countries and allies led
by Russia, together known as OPEC+, have made a series of deep output
cuts since late 2022.

https://www.reuters.com/business/energy/opec-seen-prolonging-cuts-2024-into-2025-two-sources-say-2024-06-02/

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