Reported about 1 month ago
OPEC+ has decided to halt its planned oil output increase for the next two months in response to falling prices and weak demand. This decision follows a significant drop in oil prices, fueled by disappointing economic data from China and the US, which caused crude prices to fall below $73 a barrel. While oil demand remains under pressure, OPEC+ leaders opted for caution, leading to a temporary suspension of the anticipated output increase to avoid excess supply in the market, although this may only delay challenges facing the organization in the coming year.
Source: YAHOO