OPEC+ seen prolonging cuts in 2024 and into 2025, two sources say
LONDON/DUBAI -OPEC+ will likely prolong voluntary oil cuts into the third and possibly fourth quarters of 2024 and extend some cuts into 2025, two OPEC+ sources said ahead of the group's meeting on Sunday.
Oil prices trade near $80 per barrel, below what many OPEC+ members need to balance their budget. Worries over slow demand growth in top oil importer China have weighed on prices and oil market analysts expect OPEC+ to extend cuts to balance supply. The cuts include 3.66 million bpd by OPEC+ members valid through to the end of 2024, and 2.2 million bpd of voluntary cuts by some members which expire at the end of June.
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