A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) during the United Nations Climate Change Conference COP29 on November 13, 2024 in Baku, Azerbaijan.
Maxim Shemetov | Reuters
Eight members of the OPEC+ oil producers’ alliance will delay plans to unwind a voluntary 2.2-million-barrel-per-day production cut until April 2025, amid a lackluster outlook for global demand, two representative sources told CNBC on Thursday.
The sources spoke on condition of anonymity because of the sensitivity of the negotiations.
This production cut was earlier phased out in December.
It was one of two voluntary output cuts implemented by a subset of the group, with several OPEC+ members curtailing output by 1.7 million barrels per day. Under its formal output strategy, the broader OPEC+ bloc is restricting its combined output to 39.725 million barrels per day (bpd) for next year.
Despite these production trims and conflict threatening the hydrocarbon-rich Middle East region, global oil prices have remained under pressure for the better part of this year on the back of weak demand.
Adding to the geopolitical uncertainty is the imminent return to the White House of President-elect Donald Trump — who ran his election campaign on promises to further relax output from the world’s biggest oil producer.
This breaking news story is being updated.
