OPEC+ Delays Revival of Its Oil Production by Three Months
- Output cuts to be unwound from April at a slower pace
- OPEC+ faces a looming supply surplus that weighs on prices
Global markets face a surplus in 2025 even if OPEC+ doesn’t add a single barrel.
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OPEC+ delayed the revival of its oil production by three months, the third time it’s deferred the move while crude prices struggle amid a looming surplus.
The group led by Saudi Arabia and Russia pushed back the series of supply increases, which had been due to begin with a hike of 180,000 barrels a day in January. It will instead start in April and unwind the cuts at a slower pace than previously planned, according to a statement from the alliance.