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 SILVER ALERT: Could This Mexican Law Change Cause a Supply Crunch? READ MORE U.S. Deficit Skyrockets in December: A 52% Surge to $129 Billion READ MORE The REAL Reason the South Lost the Civil War READ MORE Silver Tumbles Over 5% as Investors Flee to Cover Stock Losses READ MORE Copper Prices Stabilize After Sharp Decline Amid Inflation Concerns READ MORE Add a Comment Cancel replyYour email address will not be published.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