OPEC+ Negotiates Long-Term Extension of Oil Output Cuts OPEC+ is negotiating a complex deal to extend its current oil production cuts into 2025, sources revealed. The group, led by Saudi Arabia and Russia, has been reducing output by 5.86 million barrels per day since late 2022 to counter increased production from non-members like the U.S. and address demand concerns amid high global interest rates. The ongoing cuts include 3.66 million bpd by OPEC+ members through 2024 and 2.2 million bpd of voluntary cuts expiring in June. The new deal may extend these cuts into 2025 and late 2024, respectively. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold Consolidates After Record High Amid Rate Cut Speculations READ MORE Should I Buy Gold and Silver Coins or Rounds? READ MORE The High Cost of Returning to the Office: Survey Reveals Increased Employee Resentment and Costs READ MORE Fed's Michelle Bowman Emphasizes Caution in Monetary Policy to Counter Inflation READ MORE Rising Tide of Corporate Debt Defaults: An 80% Surge in 2023 Signals Troubling Trends Ahead READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment