OPEC+ reaches a final agreement to postpone the planned production increase for another 3 months.

With the conclusion of the Joint Ministerial Monitoring Committee meeting of OPEC+ on Thursday, the members of the coalition reached a final agreement to postpone the decision to increase production set to restore production levels to normal for the second consecutive meeting. According to the previous meeting, this increase was supposed to start in January and continue until the first quarter of next year.

According to reports, OPEC+ members agreed to delay the planned production increase for another three months, starting in April, which aligns with the expectations and news reports circulated by some officials in the oil-producing cartel.

This comes at a time when the price of Brent crude oil continues to trade near the $70 per barrel level, as the decision failed to provide the usual support for global oil prices.