Commodities

OPEC+ Braces for a Much Longer Mission to Defend Oil Prices

OPEC+ Delays Revival of Its Oil Production

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Grant Smith, Salma El Wardany, Fiona MacDonald, and Mia Gindis

December 5, 2024 at 5:59 PM UTC

This article is for subscribers only.

OPEC+ is accepting that its mission to defend oil prices will drag on much longer than expected.

At an online gathering on Thursday, the group led by Saudi Arabia and Russia agreed for a third time to delay the revival of halted production, and slow it down. The group will unwind its current production cuts gradually from April 2025 until September 2026 — a full year later than originally envisioned.