Reuters: OPEC+ intends to extend production cuts until the end of the first quarter

Reuters reported on Tuesday, citing informed sources within the OPEC+ alliance, that the group is likely to extend its current oil production cuts until the end of the first quarter of 2025. This move is part of efforts to provide further support to the global oil market. One of the sources confirmed that "these cuts are likely to be extended into the first quarter of 2025."

The OPEC+ alliance, comprising members of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is set to meet next Thursday to discuss future production strategies.

While the OPEC+ alliance aims to gradually phase out production cuts throughout 2025, a slowdown in global oil demand and the increase in production from outside the alliance present significant challenges to this plan. These factors are affecting price stability and complicating efforts to restore market balance.

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Report: OPEC+ discusses postponing the increase in oil production for the first quarter