OPEC+ will delay a planned production hike for the third straight month as part of efforts to support prices.
Eight OPEC+ members, which produce about half of the world’s crude oil, agreed at a Dec. 5 meeting to extend the voluntary output cuts of 2.2 million barrels per day (bpd) until April. The reductions will then be phased in at a slower-than-expected pace and take another year to eliminate the production cuts by the end of 2026.
