OPEC+ Deliberates Postponing Restart of Oil Production

According to two sources from OPEC+, member countries are discussing the postponement of the planned increase in oil production set to start in January, ahead of a meeting on Sunday to determine policies for the early months of 2025.

The two OPEC+ sources spoke after meetings held between OPEC+ members Iraq, Saudi Arabia, and Russia in Iraq's capital, Baghdad, on Tuesday. OPEC+ had planned to gradually reverse oil production cuts in 2024 and 2025 with small increases spread over several months. However, the slowdown in demand from China and globally, as well as rising production outside the group, has cast a shadow over this plan.