This production cut was previously due to start being phased out in December.
Eight members of the OPEC+ oil producers' alliance will postpone plans to unwind a voluntary 2.2-million-barrels-per-day output cut until April 2025, amid a lukewarm outlook for global demand, two delegate sources told CNBC on Thursday.Streaming 24/7: Watch NBC 5 local news and weather for free wherever you areIt is one of two voluntary output reductions implemented by a subset of the group, with several OPEC+ members also curtailing production by 1.7 million barrels per day.
Despite these sets of production trims and ongoing conflict threatening the hydrocarbon-rich Middle Eastern region, global oil prices have remained subdued for the better part of this year, under pressure from a tepid demand outlook. Adding to geopolitical uncertainty is the imminent White House return of President-elect Donald Trump — who has led his electoral campaign on pledges to further unleash the output of the world's largest oil producer.
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