Oil traders – OPEC+ announced it will delay planned December output increase by one month

Weekend news:

• OPEC+ agrees to delay December oil output increase

In summery from the cartel’s statement:

• Eight OPEC+ countries (Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman) extended their November 2023 voluntary production cut of 2.2 million barrels per day through December 2024.
• The Joint Ministerial Monitoring Committee (JMMC) will oversee compliance, with a deadline of September 2025 for compensating overproduction since January 2024.
• Iraq, Russia, and Kazakhstan reaffirmed their adherence to the production adjustment and compensation schedule.

This article was written by Eamonn Sheridan at www.forexlive.com.