OPEC+ Postpones Oil Output Increase Until 2025

OPEC+ has decided to delay its planned increase in oil production until April 2025. This decision, revealed during their meeting, aims to bolster the oil market. The group intends to gradually ease its latest production cuts from April 2025 through 2026.

OPEC+ has chosen to postpone its increase in oil output until April 2025, according to a source familiar with the group's meeting. The decision is aimed at providing further support to the oil market, which continues to face volatility.

The oil-producing coalition plans to start unwinding its most recent production cuts in a phased manner, beginning in April 2025 and extending until 2026. This gradual approach is intended to stabilize supply and demand dynamics more effectively.

The latest postponement by OPEC+ reflects ongoing concerns about the global energy market's recovery trajectory and underscores the group's cautious strategy in adjusting output levels.

(With inputs from agencies.)