Reported 4 months ago
OPEC+ has laid out a plan to gradually increase oil production, sparking discussions on the market's ability to absorb the additional barrels. The deal, which extends voluntary output cuts from key members like Saudi Arabia and Russia into next year, aims to balance stability and predictability while potentially boosting oil prices. However, concerns linger about the alliance's ability to actually implement the production increases next year amid rising rival supplies. The agreement also addresses issues around countries' oil capacity and aims to keep the market tight by gradually phasing out cuts through the next 12 months.
Source: YAHOO