OPEC+ Extends Deep Oil Cuts into 2025 Amid Market Concerns.

OPEC+ has decided to extend its substantial oil output cuts until the end of 2025 in order to stabilize the oil market. This decision was made due to concerns over slow demand growth, particularly from China, high interest rates, and increased competition from US production. The current output cuts amount to 5.86 million barrels per day, which is approximately 5.7% of global demand. The extension includes a one-year extension of 3.66 million barrels per day cuts and a three-month extension of 2.2 million barrels per day voluntary cuts. [Extracted from the article]